THE city’s banks and payment institutions were required to cut transaction and payment service fees for micro and small enterprises as well as self-employed individuals as part of related policies which were said to have been implemented, according to media outlet southcn.com.

Shenzhen Central Sub-branch of the People’s Bank of China said Wednesday they had talked with the city’s 77 banks and 52 payment institutions to alleviate financial burdens for micro and small enterprises and self-employed individuals.

A total of 51 banks and two payment institutions in Shenzhen have already rolled out measures to reduce payment-related service fees.

As of now, they have helped 517,000 micro and small companies and self-employed individuals save over 51 million yuan (US$7.86 million).

The current reduction targets six categories of basic service items such as bank account service, transfer and remittance, e-bank service, bills business and payment account service.

At present, banks and payment institutions have updated their systems and officially implemented related measures beginning Thursday.

Shenzhen Central Sub-branch of the People’s Bank of China also suggested that they will supervise banks and payment institutions to ensure they reduce fees on transaction and payment services for micro and small firms and self-employed individuals.

(Wang Jingli)