[SMM Battery Brief] Battery Industry Associations Issue Supplier Payment Initiative, MIIT Expresses Support
The China Automotive Battery Innovation Alliance and the Zhongguancun Energy Storage Industry Technology Alliance jointly released an initiative to standardize supplier payment practices for power and energy storage battery companies. The initiative calls for material and component acceptance within seven working days, with payment terms for SME suppliers generally starting from delivery or acceptance, and advocates full cash payments to small and medium-sized suppliers. China's Ministry of Industry and Information Technology (MIIT) said the initiative is an important step in implementing regulations on timely payments to SMEs.