The Chinese mainland is stepping up its support for small and medium-sized enterprises (SMEs) with a fresh set of regulations signed by Chinese Premier Li Qiang. This decree, issued by the State Council, revises earlier rules and is designed to guarantee that SMEs receive their payments on time. 🌟
The updated guidelines require large-scale enterprises to pay SMEs within 60 days after completing deliveries of cargo, projects, or services. They clarify work responsibilities for both central and local departments, improve supervision on complaints, and introduce tougher penalties for illegal acts.
This move comes alongside a draft private economy promotion law aimed at dismantling barriers and crafting a fairer, more dynamic business environment. By emphasizing the private sector as a vital pillar of the socialist market economy, the Chinese mainland is paving the way for more robust growth and innovation.
For young entrepreneurs, students, and culture enthusiasts alike, these clear and decisive measures mark a significant step forward in boosting trust and efficiency in the business world. 🚀
Reference(s):
China unveils new regulations to guarantee payments for SMEs
cgtn.com
