The Central Bank here in China has announced plans to cut the bank card transaction fees for businesses this coming year.
CRI's Li Dong has the details.
The bank card transaction fee will be cut by 23 to 24 percent on average, according to the type business the merchants do.
The catering and entertainment business enjoys the highest fee cut, 37.5 percent. This category also includes merchants in jewelry, handicrafts, real estate and automobiles. The fee cut also covers other businesses. And the bank card swipe fees in the public welfare sector remains zero.
Because the banks charge the merchants, the fee cut won't affect individual consumers.
Lian Ping, chief economist of Bank of Communications says the purpose of the fee cut is to boost consumpti
