Regulation approved, stressing timely payments for SMEs

The Regulations on Payment Protection for Small and Medium-sized Enterprises were adopted at the State Council executive meeting on July 1.

The regulations shall come into force on Sept 1.

The purpose of the regulation is to ensure timely payments of merchandise, construction and services from SMEs by government departments, public institutions and large-sized enterprises.

It will safeguard the legitimate rights and interests of SMEs and optimize the business environment.