Hello friends! 👋
Did you know that in China, there are lots of small businesses that make toys, gadgets, clothes, and more? These small businesses are called Small and Medium-sized Enterprises, or SMEs for short.
Sometimes, big companies buy things from these SMEs. But guess what? Sometimes the big companies take a long time to pay the SMEs for their work. That’s not fair, right?
Well, China has made new rules to help the SMEs! 🥳 The Chinese premier, Li Qiang, signed new regulations that say big companies must pay SMEs within 60 days after they deliver their products or services.
These rules will start on June 1st. They also have stricter punishments for companies that don’t follow the rules.
This means SMEs can get their money on time and continue to make cool things for everyone! 💡
Isn’t that great news?
Reference(s):
China unveils new regulations to guarantee payments for SMEs
cgtn.com
