ICBC's price hike arouses public opinions

The Industrial and Commercial Bank of China, or ICBC, has hiked its fees for more than 20 financial transactions, with an average increase of 100 percent.

However, the bank stirred public interest after not providing a suitable explanation for the price hike. It is the only bank to raise fees among the main 20 commercial banks in China.

Xinhuanet carries an article criticizing ICBC's move as 'arrogant'.

So what is reason for the hike? ICBC didn't publicly reveal any justification.

The article says ICBC's CEO recently spoke of ICBC becoming the best profit-making bank in the world over the next five years. Just days later, the bank has doubled fees for 23 transactions leading people to believe ICBC wishes to enhance its status by way of price hikes, but not good management and services.

The article concludes saying that improving management is the best way to grow stronger; meanwhile, the bank should respect its consumers, let them know the reasons for the price increases and providing first-rate services to justify them.