During a visit to a branch of the Industrial Bank in the Fujian Free Trade Zone on April 23, a customer told Premier Li Keqiang that one needs to pay less than 4 percent as fees when he applies a loan from the Hong Kong branch of the bank through cross border finance, which is lower than in mainland.
The Premier said that the aim of the FTZ is to push reform through opening up and opening up of cross border finance will help lower financing costs on the mainland.
FTZs are a new engine driving the new round of opening up, said the Premier. To maintain stable growth and withstand downward economic pressure, China needs to use macroeconomic policy tools and further enhance reform and opening up, he said.
Reform will bring the biggest dividends and opening-up will unleash huge vitality, the Premier said.
The Premier once again urged banks to lower fees, reiterating that banks should further rationalize charges to reduce financing costs for businesses and help them weather the slowdown in economic growth.
During a visit to the Industrial and Commercial Bank of China in Beijing last week, he urged banks to lower service fees.