China's MIIT Backs Battery Supplier Payment Guidelines, Sets 7-Day Verification Limit

According to the Ministry of Industry and Information Technology (MIIT) Equipment Industry Department on June 29, the MIIT supports a newly issued payment normalization initiative by the China Automotive Power Battery Industry Innovation Alliance and the Zhongguancun Energy Storage Industry Technology Alliance. The guideline specifies material and component verification periods not exceeding 7 working days, payment terms calculated from delivery or acceptance date, mandates cash settlements for all small and medium enterprises (SMEs), and encourages suppliers to establish long-term framework agreements.
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