Ever-increasing number of banking fees

There has been widespread anger among the public in recent years over the numerous service charges imposed by Chinese banks, but so far the banks have turned a blind eye to these concerns. And their arrogant disregard for the public still lingers even after a government rule was introduced that abolished some of the charges.

On March 9, a new rule was jointly issued by the central bank, the China Banking Regulatory Commission and the National Development and Reform Commission (NDRC), abolishing 34 bank charges. Many perceived the rule - which took effect on July 1- as a move to appease consumers before the World Consumer Rights Day on March 15, as it had little impact on banks' profits and little benefit to individual consumers.

The 34 banking fees, which included those for opening and closing accounts, resetting passwords, and management fees for handling salaries, pensions and housing funds, were just a small proportion of the 850 fees charged by banks.