New regulations to streamline work

A Chinese woman shows credit cards and other bank cards in Qionghai city, South China's Hainan province, April 14 2012. [Photo/IC]

7. Cut in commission charges of bank cards

China's central bank said in March that it will cut the fees merchants pay for bank card transactions. The action, to take effect on Sept 6, will result in a 7.4 billion yuan ($1.14 billion) cut in the fees merchants pay in a year, the People's Bank of China said on its website.

Under the coming policy, card-issuing banks cannot charge merchants more than 0.35 percent of a transaction amount for debit cards, while credit card transactions cannot incur a charge exceeding 0.45 percent of the amount swiped.