The State-owned Assets Supervision and Administration Commission of the State Council has recently announced measures requiring centrally-administered state-owned enterprises (SOEs) to enhance coordination in the use of money and ensure timely payments.
Enterprises are encouraged to proactively address payments, including negotiating early settlements for small amounts and long-overdue accounts owed to small and medium-sized enterprises (SMEs), with a focus on supporting the industrial supply chain.
The move follows the directives from the Communist Party of China (CPC) Central Committee and the State Council, aiming to further ensure SME payments and help smooth the flow of funds, in order to support the national economic circulation. It also underscores the responsibility of centrally-administered SOEs in this effort.
The issue of overdue payments has been a priority for the Party and the State. The Third Plenary Session of the 20th CPC Central Committee emphasized improving regulatory systems and legal frameworks to address this problem.
The revised edition of regulations aimed at ensuring timely payments to small and medium-sized enterprises will take effect on June 1, 2025.
The State Council also approved an action plan to accelerate the settlement of overdue payments on March 28.
SASAC pushes central SOEs to strengthen coordinated planning for funds
The sixth edition of Shanghai's iconic "5·5 Shopping Festival" kicked off on Thursday, alongside the 2025 International Consumption Season, in a renewed push to boost domestic demand and revitalize consumer spending.
Co-hosted by the Ministry of Commerce, China Media Group (CMG), and the Shanghai Municipal Government, the event promises a vibrant mix of promotional campaigns, themed events, and immersive retail experiences across the city's commercial districts.
Centering on the theme "Quality Consumption, Demand Creation," the festival targets four key consumer sectors: services, big-ticket purchases, inbound spending, and emerging consumption trends. It also highlights new economic frontiers such as the debut economy, the silver economy, the nighttime economy, and the ticket-based economy—aimed at unlocking consumer potential and enhancing Shanghai's commercial vitality through new product launches, senior-friendly services, dynamic nightlife, and spending on cultural activities.
The festival launch ceremony also included the Fourth International Consumption Center City Forum. In a video address, Marwan Ahmed Bin Ghalita, Acting Director General of Dubai Municipality, expressed hopes for deeper cooperation between Shanghai and Dubai as the two metropolises mark the 25th anniversary of their sister-city relationship. He emphasized their shared vision for urban development and prosperity.
Another highlight of the festival was the debut of the "CMG Select: Shanghai Pavilion." Combining celebrity hosts, culture, art, and premium brands, the pavilion leverages CMG's influential media platform to energize consumer activity and support Shanghai's drive to become a world-class consumption center.
The shopping festival will run through the end of June, with over 1,000 companies and thousands of brands set to launch more than 1,000 special events.
The 2025 International Consumption Season is a flagship event under the "Shop in China" campaign. Jointly launched by the Ministry of Commerce and five other government departments, the initiative will mobilize regions across the country to spotlight premium international and domestic goods. It will feature product debuts, first launches, and consumer-friendly measures to help both domestic shoppers and inbound tourists access high-quality global merchandise and enjoy top-tier services.
Shanghai launches major shopping festival to boost consumer spending
