China reiterates efforts to ensure timely payments to SMEs

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BEIJING, July 17 (Xinhua) — China has reiterated efforts to ensure that payments are made reliably to small and medium-sized enterprises (SMEs), as the government seeks to tide them over the current crisis to ensure stable economic fundamentals.

In recent years, SMEs have suffered outstanding payments from some government departments, public institutions, and large enterprises because of the complicated economic situation and downward pressures, Wang Jiangping, vice minister of industry and information technology, said Friday at a press conference.

It’s necessary to formulate relevant laws and regulations to eradicate such problems, said Wang.

China’s State Council on Tuesday released a regulation on ensuring timely payments to SMEs, which will go into effect on Sept. 1.

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The regulation has confirmed guarantees for SMEs to be paid on time, including mechanisms for payment information disclosure, complaint handling, as well as supervision and evaluation, said Liang Zhifeng, an official with the Ministry of Industry and Information Technology (MIIT).

The MIIT will also strengthen punishment for defaults, and provide more services for SMEs to improve their willingness and capability to safeguard their legitimate rights and interests.

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