CRI听力:China Cuts Bank Card Charges for Businesses

The National Development and Reform Commission, China's top economic planner has decided to lower bank card charges for businesses nationwide.

The adjustment is expected to reaches to a wide range of sectors, such as catering, hotels, retailing, wholesales and even public schools.

The NDRC said the adjustment will save some 4 billion yuan for businesses per year, or an average cut of 20% charges on businesses.

Sectors such as restaurants and hotels will see as much as 37 percent reduced per transaction.

Card transactions that take place at public hospitals and public schools will be exempt from the charges.

Property and car sales are almost certainly charged with the maximum fees each transaction.

The difference suggests property and car sellers will not benefit from the adjustment, but rather see an increase on their cost.

Currently, consumers pay the same amount of money using cash or opting for bank cards.

For more on the story, we are joined live by Mark Hughes, executive business editor of China Daily.