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**Image Source: Shetu.com** As of the end of January, the outstanding wages owed to migrant workers, totaling 820 million yuan, have been fully settled. Additionally, the arrears to private enterprises have been cleared by 83.9 billion yuan, with the debt repayment progress reaching 75.2%. Wu Hongbing, Director of the Financial Supervision Bureau of the State-owned Assets Supervision and Administration Commission (SASAC), presented this achievement at today's (25th) State Council's regular policy briefing. China's economy has transitioned from a phase of rapid growth to one of high-quality development. During this transition, some private and small-to-medium-sized enterprises (SMEs) have faced challenges, particularly the issue of government departments and large corporations delaying payments to these businesses. Such practices have negatively impacted their cash flow and economic performance, becoming a significant concern for many enterprises. In a keynote speech at the symposium on private enterprises held on November 1, 2018, President Xi Jinping emphasized the need to create a better development environment for the private sector, support private enterprises in overcoming their difficulties, and promote their reform and growth. He also highlighted the importance of addressing the "triangular debt" issue, calling for corrections to the behavior of some government departments and large enterprises that, by leveraging their dominant positions, delay payments to private enterprises. On November 9, 2018, Premier Li Keqiang chaired the 30th State Council Executive Meeting, urging for a prompt launch of a special action plan to resolve the issue of payment arrears to private enterprises by government departments and state-owned enterprises (SOEs). At the end of last year, the General Office of the State Council issued a notice on forwarding the "Work Plan of the Inter-ministerial Joint Conference on Reducing Enterprise Burdens for Clearing Overdue Payments to Private and Small-to-medium-sized Enterprises." It instructed provincial governments, the Ministry of Finance, and SASAC to conduct thorough investigations into the issue of delayed payments to private enterprises, ensuring that all outstanding payments are cleared without exceptions. Wu Hongbing shared that, based on their investigation, central SOEs had around 7 million contracts with private enterprises, totaling over 10 trillion yuan in value. From this, overdue payments amounted to 111.6 billion yuan, or 1.1% of the total contract value. Moreover, central SOEs pay around 250 billion yuan in wages to migrant workers annually, with most enterprises issuing wages on time and maintaining over 18 billion yuan in wage security deposits as required. However, a small number of central SOEs have delayed payments to migrant workers, with the total amount of arrears reaching 820 million yuan. In early December 2018, SASAC issued a special notice and held a video conference to fully mobilize central SOEs to address the arrears. They required SOEs to implement their repayment tasks in a phased manner. For wages owed to migrant workers, funds were to be immediately allocated to prioritize payment, ensuring that all such arrears would be cleared by the end of January this year. For undisputed debts, SOEs were to raise funds through multiple channels and repay them as quickly as possible, aiming to complete the debt clearance by the end of June. For disputed or contentious debts, efforts should be made to actively communicate and resolve the issues. Moving forward, SASAC will adhere to the State Council's directive that "central SOEs must take the lead in prioritizing the repayment of overdue debts to private enterprises." They will continue to press central SOEs to meet the goal of completing debt repayments by the end of June this year. At the same time, SASAC will guide central SOEs in establishing a long-term mechanism to prevent new arrears from arising after the current debts are settled. First Financial Journalist: Dong Xin