Chinese Premier Li Qiang has signed a decree of the State Council to unveil the revised edition of regulations aimed at ensuring timely payments to small and medium-sized enterprises (SMEs).
Major revisions to the previous regulations issued in 2020 include the specifying of work responsibilities, clear requirements for payment deadlines, improvement of supervision, and enhancement of punishments for illegal acts.
The new regulations, which will go into effect on June 1, specify the responsibilities of the competent government departments at the central and local levels to ensure timely payments to SMEs.
Comprising 37 articles in five chapters, the regulations specifically require that government organs, public institutions and large-scale enterprises pay SMEs within 60 days of the delivery of cargo, projects or services.
The new regulations also improve supervision and settling of complaints to ensure timely payments to SMEs, while stepping up punishment for illegal acts.
China unveils new regulations to guarantee payments for SMEs
Chinese Vice Premier He Lifeng, who is China's lead official for China-U.S. economic and trade affairs, held a video call with U.S. Trade Representative Jamieson Greer at the latter's invitation on Wednesday.
Focusing on the implementation of the important consensus reached by the two heads of state during their phone call on January 17 this year, the two sides exchanged views on major bilateral economic and trade issues in a candid and in-depth manner.
The Chinese side expressed grave concerns over additional U.S. tariffs on Chinese imports under the pretext of the fentanyl issue, the Section 301 investigation that target Chinese imports, and planned "reciprocal" tariffs.
Section 301 of the U.S. Trade Act of 1974 authorizes the U.S. Trade Representative to impose tariffs or other import restrictions on foreign products after determining that "an act, policy, or practice of a foreign country is unreasonable or discriminatory and burdens or restricts United States commerce."
Both sides confirmed their belief that stable China-U.S. economic and trade relations are in the interests of both countries and agreed to maintain communication on each other's concerns.
Chinese vice premier, US trade representative hold video call on economic issues
