China Implements New Regulations to Ensure Timely SME Payments

Chinese Premier Li Qiang recently signed a decree to implement revised regulations aimed at ensuring timely payments to small and medium-sized enterprises (SMEs). The new rules, effective June 1, require large enterprises to pay SMEs within 60 days and enhance supervision and penalties for non-compliance. This initiative is part of broader efforts to dismantle barriers for the private sector and create a more supportive business environment in China. Additionally, the government has rolled out new countermeasures against foreign sanctions, allowing it to blacklist individuals or entities involved in discriminatory actions against Chinese interests. These developments occur amid rising tensions with Western countries, particularly regarding trade practices and tariffs. Overall, China's recent regulatory changes reflect its strategy to bolster domestic businesses while navigating complex international relations.