China Tells SOEs, Local Governments: Pay Your Overdue Bills

China has ordered state-owned enterprises (SOEs) and provincial-level governments to pay the money they owe businesses, as policymakers step up support for the private sector to shore up the economic recovery and boost market confidence.

At an executive meeting on Wednesday, the State Council approved a campaign to deal with arrears, a matter that it said “must be regarded with great importance” as it “concerns companies’ production, operation and expectations for investing, as well as the continued recovery of the economy.”