Five departments take action to address the difficulty small and medium-sized enterprises face in collecting payments

Vice Minister of Industry and Information Technology Ke Jixin introduced that recently, after deliberation and approval by the State Council executive meeting, the General Office of the State Council issued and published the Notice on Strengthening the Governance of the Difficulties Small and Medium-sized Enterprises Face in Collecting Payments. The Notice adheres to a problem-oriented approach and proposes 10 measures in 4 areas. These mainly include: first, improving payment rules for accounts in the industry. Second, strengthening oversight of payment behavior by large enterprises. Third, standardizing the management of non-cash payment instruments. Fourth, enhancing the effectiveness of fund transmission and financing support. The Notice emphasizes that all regions and relevant departments must strengthen coordination in their work, reinforce vertical linkage, consolidate responsibilities and continue to advance, persist in combining guidance and correction with law enforcement and accountability, promote an overall improvement in the difficulties small and medium-sized enterprises face in collecting payments, and foster a sound ecosystem of integrated development and mutual benefit among large, medium, and small enterprises.