The General Office of the Shanghai Municipal People's Government issued the “Shanghai Action Plan to Promote High-Quality Development of Small and Medium Enterprises”. The plan mentions consolidating a long-term mechanism for clearing arrears. Implement the “Regulations on Safeguarding Payment of Funds for Small and Medium Enterprises” and the “Notice of the General Office of the State Council on Strengthening the Work Related to Managing Difficulties in Small and Medium Enterprises”. Promote large enterprises to optimize supply chain management, and urge them to publicize information on overdue payments to small and medium-sized enterprises in enterprise annual reports in accordance with the law. Improve long-term mechanisms to prevent and resolve accounts owed by the government and state-owned enterprises to small and medium-sized enterprises, strengthen audit and supervision of the clean-up of accounts owed to small and medium-sized enterprises, include the task of clearing arrears in state-owned enterprises in the performance assessment of state-owned enterprises, and play an exemplary role for state-owned enterprises in making timely payments. Further strengthen the standardization and management of non-cash payments such as commercial money orders and electronic vouchers, and strictly limit the period and scale of pressure reduction.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.