Wenzhou Minshang Bank, a pilot private bank which began operations in late March, has won praise from Premier Li Keqiang for its paltry service charges, China Business News reported on Tuesday.
The premier made the remarks at a symposium on Friday attended by many bank executives, according to the report.
"There are certainly differences between big banks and small ones, but we should think it over as to why small banks are capable of simplifying the list of paid service items?" asked the premier, urging banks to cut service fees. He also encouraged lending by banks to small businesses to help them weather financing difficulties.
The financial industry plays an irreplaceable role in upgrading economic growth and improving people's lives, Li said.
Commercial institutions should push forward reforms to solve financing problems for companies, Li said, noting that they should support small and medium-sized companies in particular, as well as entrepreneurship and innovation.
