Pan Gongsheng: People's Bank of China is regulating the irregular practices of enterprises in accounts receivable management.

On the afternoon of March 7th, the governor of the People's Bank of China, Pan Gongsheng, went to the residence of the Zhejiang Provincial Delegation to listen to the opinions of the Zhejiang Provincial Delegation group meeting. During the meeting, a company raised issues regarding the improper management of accounts receivable by enterprises. In response, Pan Gongsheng stated that the People's Bank of China is currently regulating the improper practices in accounts receivable management by enterprises. "Last year, the central bank had talks with 10 automotive companies nationwide, which should have been effective. This year, we can look at other industries to see if there are more typical cases and take further action." It is understood by the First Financial Journalist that some large core enterprises engage in improper practices in accounts receivable management. Some companies have built their own electronic certificate platform for accounts receivable and issued a large number of transferable electronic certificates of accounts receivable to suppliers, circulating them among suppliers, and converting debts into electronic certificates through the platform. Consequently, small and medium-sized enterprises can only rely on these accounts receivable certificates to conduct financing on the platform in order to mobilize funds. In April 2025, the People's Bank of China, along with five other departments, jointly issued the "Notice on Standardizing Supply Chain Finance Business and Guiding Supply Chain Information Service Providers to Better Serve Financing for Small and Medium-sized Enterprises", which regulates the accounts receivable electronic certificate business. The Internet Finance Association also released self-discipline rules, stipulating that the term of accounts receivable electronic certificates should be within 6 months, and up to a maximum of 1 year.