China orders local governments to settle company bills by end of year

China has set a deadline for local governments to settle outstanding payments owed to companies, calling it essential for improving the country’s business environment amid an economic slowdown. All arrears below 500,000 yuan (US$70,870) must be cleared by the end of the year, said Xiao Weiming, deputy secretary general of the National Development and Reform Commission, the country’s top economic planner. “The biggest step in improving the business environment right now is clearing the...