Premier Li Keqiang called for more efforts to encourage financial institutions to cut fees for the benefit of businesses and the people, at the State Council executive meeting held on June 18.

These measures are expected to save 2.4 billion yuan for enterprises and the people this year.

According to Premier Li, the reduction of cost and fees by financial institutions last year effectively bailed out market players, especially the small and micro-sized enterprises and individual business owners, playing an important role in stabilizing the economy.

This year, financial institutions should continue to help them lower costs and ease the pressure from surging prices in upstream commodities, Premier Li said.

According to those at the meeting, financial institutions are encouraged to reduce and exempt withdrawal fees for payment accounts of small and micro-sized businesses, and cut service charge for online payment by 10 percent.

In addition, fees on bank card transaction, interbank transfer fees for small and micro-sized enterprises, and ATM interbank cash withdrawals will also be reduced or exempted.

Financial institutions should support small and micro-sized enterprises and individual business owners, Premier Li said, as they drive up employment and creativity and pay back in return to financial institutions.