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Uncleared debts clear and present danger

BEIJING NEWS | Updated: 2024-03-01 08:01
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Local governments across the country have recently been urged to address their overdue payments to enterprises. The Private Economy Promotion Law, which is currently in the legislation stage, will also focus on the issue.

Overdue debts can affect not only the enterprises directly concerned, but also the upstream and downstream of the industry chains, thereby affecting employment and consumption.

Timely clearance of overdue payments is one of the most important ways for local governments to show their contract spirit and legal consciousness, and improve their performance capability, so as to help enhance enterprises' trust of them.

Some local governments do face significant debt repayment pressure. However, it is all the more necessary to find ways to raise funds and fulfill contractual obligations because unresolved overdue payments to enterprises are a drag on their development and constrain local economic development as a whole.

It is necessary to continue strengthening supervision and assessment of the overdue debt clearance work of local governments at all levels and to open up channels for protecting enterprises' rights. Any clue about power abuses and corruption that have been reported to the higher authorities in the process must be taken seriously.


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