Direct answer: A supplier financing, reverse factoring and receivables e-voucher page is not a line saying "we help suppliers finance". The page should state: the financing model (reverse factoring, receivables e-voucher, supply-chain bill, dynamic discounting, order/inventory/warehouse-receipt financing); the parties and process (core enterprise, supplier, bank, supply-chain information-service provider, factoring/guarantee institution); confirmation and registration (real trade background, receivables confirmation, unified movable-property financing registration); payment terms and costs (tenor, financing rate, information-service fee, who bears them); compliance red lines (no forced non-cash payment, no disguised extension of payment terms, no fees in the name of receivables confirmation, no unlicensed financial business, no pooling or misappropriation of funds); contract clauses (non-cash payment option, confirmation deadline, recourse/non-recourse, repurchase, data authorisation, default and exit); accounting and disclosure; and what must not be published. On the rules: the PBOC-led Notice on Regulating Supply-Chain Finance (Yin Fa [2025] No. 77, effective 15 June 2025) addresses receivables e-vouchers, real trade background, payment tenor, registration, settlement, fees and core-enterprise conduct; the Regulations on Ensuring Payments to Small and Medium-sized Enterprises (State Council Order No. 802, effective 1 June 2025) set payment periods, non-cash payment, confirmation deadlines and overdue interest for large enterprises buying from SMEs; Yin Fa [2020] No. 226 prohibits a core enterprise from occupying supplier receivables while earning interest through an affiliated financing institution. This article is current to 2026-11-08 and is a summary of public rules and page method, not legal, financial, accounting or investment advice; the regulations, contracts, regulatory findings and institution reviews control.
This article is for procurement, finance, legal, treasury, internal-control, supply-chain and website teams at equipment, electronics, automotive-parts, medical-device, hardware, chemical, packaging and export manufacturers in Changzhou and nearby. It covers how to write and accept a supplier financing/reverse factoring/receivables e-voucher page. The usual gap is "real trade background, confirmation, registration, fees, tenor and compliance", ending with a page that only says "a partner bank provides financing", which suppliers cannot use and banks cannot rely on.
First, fix the model: reverse factoring, receivables e-voucher, supply-chain bill, dynamic discounting or order/inventory financing have different parties, confirmation and risk. Then fix compliance: real trade background, no forced non-cash payment, no disguised extension of payment terms, compliant tenor and registration. Finally fix the text: who bears the cost, confirmation deadline, recourse/non-recourse, data authorisation, default and exit. The page states model, tenor, cost and boundaries — not "we help suppliers finance".
How does this page relate to payment terms, guarantees, mortgage/pledge, supplier financial risk and SRM portal pages?
A supplier financing page answers "how a supplier gets paid early on a receivable, who funds it, who bears the cost, and how confirmation/registration works"; the payment terms/settlement page answers "how buyer and supplier agree prepayment/terms/drafts/letters of credit"; the guarantee page answers "bank/insurer/guarantor credit plus documentary claims"; the mortgage/pledge page answers "which asset/right secures the debt, how it is registered and enforced"; the supplier financial-risk page answers "early warning/exposure/substitution/contingency"; the SRM portal page answers "registration, orders, reconciliation, invoices and quality collaboration". Supplier financing is a "receivables/order/inventory financing arrangement" and cannot be replaced by a payment-terms or guarantee page.
Common breaks: only "partner bank"; no statement of who bears interest/service fees; non-cash payment treated as default; tenor beyond regulatory limits; no real trade background; no confirmation/registration; the platform touches funds; the core enterprise occupies receivables while an affiliate earns interest; the contract lacks recourse/repurchase/data authorisation; the website publishes supplier names/rates/limits. The page separates "model—parties—trade background—confirmation/registration—cost/tenor—contract—disclosure—exit" so procurement, finance and legal share one vocabulary.
| Page | Question it answers | Key content | Cannot replace |
|---|---|---|---|
| Supplier financing/reverse factoring | How a receivable is paid early/who funds/who bears cost | Model, parties, confirmation, registration, cost, contract, exit | Payment terms/guarantee/mortgage |
| Payment terms/settlement | How buyer and supplier agree payment | Prepayment/progress/acceptance, tenor, drafts, L/C | Financing arrangement |
| Guarantee | Third-party credit/documentary claims | Bank/insurer/guarantor, text, expiry | Receivables financing |
| Mortgage/pledge | Asset/right security | Type, registration, priority, enforcement | Non-recourse factoring |
| Supplier financial risk | Warning/exposure/contingency | Monitoring, substitution, exit | Product design |
| SRM portal | Registration/orders/reconciliation/collaboration | Process, access, data | Funder/rate/registration |
Page relationships are editorial; regulations, contracts, regulatory findings and institution reviews control.
What supplier financing models exist?
Common models: (1) reverse factoring (the core enterprise confirms the receivable; the supplier assigns it to a bank/factor; the core enterprise pays at maturity); (2) receivables e-voucher (the core enterprise issues an electronic record through a supply-chain information-service system, promising to pay, transferable/financeable); (3) supply-chain bill (issued by the core enterprise; the supplier holds/discounts/pledges it); (4) dynamic discounting (the supplier gets early payment and gives up a discount by days); (5) order/inventory/warehouse-receipt financing (based on real orders or movable property); (6) distributor/buyer financing (the reverse side, not supplier-side). Choose by trade background, confirmation difficulty, tenor, cost-bearing, credit-reporting/registration, recourse, core-enterprise credit and supplier acceptance.
Acceptance checks: model; eligible suppliers; confirmation; registration; cost; recourse; tenor; data; exit. Common gaps: mixed models; treating an e-voucher as cash; no confirmation; no registration; unclear cost transfer; recourse/non-recourse confused; tenor beyond limits; missing data authorisation.
| Model | How it works/when suitable | Key evidence | Common gap |
|---|---|---|---|
| Reverse factoring | Core enterprise confirms; supplier assigns receivable to bank/factor | Confirmation, assignment, registration | Unclear confirmation |
| Receivables e-voucher | Core enterprise issues, promises payment, transferable/financeable | Trade background, voucher, registration | Over-tenor/no background |
| Supply-chain bill | Core enterprise issues; supplier discounts/pledges | Bill, trade background | Bill risk |
| Dynamic discounting | Supplier gets early payment, gives a day-based discount | Discount rules, confirmation | Disguised high interest |
| Order financing | Based on real orders/contracts | Order, performance | Fake order |
| Inventory/warehouse-receipt | Based on movable property/receipt | Receipt, custody | Double pledge |
The model list is editorial; actual products, eligibility and risk follow institution review, contracts and regulatory requirements.
How should the parties and process be mapped?
Map at least: core enterprise (buyer/receivables debtor), supplier (creditor), financing bank/factor, supply-chain information-service provider/platform, guarantee/insurer (if any), registry (PBOC Credit Reference Center unified movable-property financing registration and publicity system) and settlement bank. Process: real trade → acceptance/reconciliation → receivables confirmation → voucher issuance/transfer → financing application → trade-background review → registration → disbursement → payment at maturity → settlement → recourse/repurchase (if any). State who does what, when, with which documents, and what happens on failure.
Acceptance checks: parties; roles; documents; timing; confirmation; registration; disbursement; maturity; recourse; exceptions. Common gaps: roles confused; platform touches funds; no confirmation; missing registration; non-payment at maturity; unclear recourse; no exception plan.
| Step | Who does what | Documents/evidence | Common gap |
|---|---|---|---|
| Real trade | Contract, order, delivery, acceptance | Contract/order/acceptance | No background |
| Reconciliation/confirmation | Core enterprise confirms amount/maturity | Confirmation/system record | Slow confirmation |
| Issuance/transfer | Core enterprise issues; supplier transfers | Voucher/transfer record | Excess tiers |
| Financing application | Supplier applies to bank/factor | Application/documents | Incomplete |
| Review/registration | Bank reviews trade background, registers | Review/registration | No registration |
| Disbursement | Bank pays to supplier account | Disbursement record | Platform pools funds |
| Maturity payment | Core enterprise pays; bank settles | Payment/settlement record | Overdue |
| Recourse/repurchase | Handled per contract | Recourse/repurchase record | Unclear liability |
The process is editorial; product contracts, bank procedures and regulatory requirements control.
What are the 2025 compliance red lines?
Key points: (1) real trade background — no e-voucher based on prepayment, no fabricated trade or no-trade financing; (2) no forcing SMEs to accept commercial drafts, receivables e-vouchers or other non-cash payment, and no using non-cash payment to disguise an extension of payment terms; (3) e-voucher tenor in principle within 6 months and at most 1 year; over 6 months banks must scrutinise the reasonableness; (4) no fees or improper fee rebates in the name of receivables confirmation; (5) no forcing chain enterprises to a specific funder at above-market rates; (6) an information-service provider without a licence may not conduct payment settlement, financing guarantee, factoring or lending, and may not pool, occupy or misappropriate funds; (7) a core enterprise may not occupy receivables while an affiliate earns interest; (8) a large enterprise buying from an SME pays within 60 days of delivery (a different contract term must be reasonable), and may not condition payment on receiving a third party's payment.
Acceptance checks: real background; voluntary non-cash; tenor; fees; rates; licence; funds; affiliation; 60 days; disclosure. Common gaps: default drafts/e-vouchers; 12-month tenor as norm; confirmation fees; platform touches funds; affiliate interest arbitrage; beyond 60 days without reason; no overdue disclosure.
| Red line | Rule | Basis | Common gap |
|---|---|---|---|
| Real trade | No issuance based on prepayment; no fabricated/no-trade financing | Yin Fa 77 Art. 10 | Backfilled contract/fake acceptance |
| Voluntary non-cash | No forced drafts/e-vouchers; no disguised tenor extension | Order 802; Yin Fa 77 | Default draft |
| Tenor | E-voucher in principle ≤6 months, max ≤1 year | Yin Fa 77 Art. 11 | Uniform 12 months |
| Confirmation fees | No fees/improper rebates in the name of confirmation | Yin Fa 77 Art. 16 | Confirmation service fee |
| Financing rate | No forced specific funder/above-market rate | Yin Fa 77 Art. 16 | Designated high rate |
| Licence/funds | No unlicensed financial business; no pooling/misappropriation | Yin Fa 77 Art. 4, 14 | Platform fund pool |
| Affiliate interest arbitrage | No occupying receivables while an affiliate earns interest | Yin Fa 226 | Affiliate factoring |
| 60-day payment | Large enterprise pays SME within 60 days of delivery | Order 802 | "Pay when paid" |
The red lines are editorial; actual application, exceptions and penalties follow the regulations, regulatory findings and judicial decisions.
How should confirmation, registration and real trade background be checked?
Confirmation: the core enterprise confirms the receivable amount, maturity and undisputed portion; Order 802 requires confirmation of the debt relationship within 30 days of an SME's request (government bodies, public institutions and large enterprises). Registration: receivables e-voucher financing is registered through the PBOC Credit Reference Center unified movable-property financing registration and publicity system; the parties are responsible for the truthfulness, completeness and legality of the registered content. Real trade: contract, order, delivery/acceptance, invoice and reconciliation must connect; no issuance based on prepayment; transfer tiers/counts must be reasonable; abnormal splits must be checked/reported. Prevent double financing: registration search, invoice/contract numbers, collection-account control.
Acceptance checks: confirmation; deadline; registration; search; trade background; invoice; acceptance; splitting; collection account; double financing. Common gaps: oral confirmation; beyond 30 days; no registration; no search; invoice only; backfilled acceptance; unlimited splitting; uncontrolled collection.
| Item | What to confirm | Evidence | Common gap |
|---|---|---|---|
| Confirmation | Amount/maturity/undisputed portion | Confirmation/system | Oral |
| Deadline | Confirm within 30 days of request | Timestamp | Delay |
| Registration | Unified system/truthful content | Registration certificate | Not registered |
| Search | Prior registration/double financing | Search result | Not searched |
| Trade background | Contract/order/delivery/acceptance | Document chain | Backfilled documents |
| Invoice | Amount/tax/issuer | Invoice | Invoice only |
| Splitting | Tiers/counts/abnormalities | System record | Unlimited splitting |
| Collection | Designated account/settlement | Account agreement | Platform pools funds |
Confirmation/registration is editorial; Yin Fa 77, Order 802, registration rules and institution review control.
How should costs, rates and payment terms be accepted?
Break costs into: financing interest, factoring fee, platform information-service fee, registration/search fee, guarantee/insurance, early-payment discount and account/settlement fee. State who bears it (core enterprise/supplier/shared), the calculation base, annualised/simple interest, per-day/per-month, minimum fee and whether it can be passed on. Yin Fa 77 requires information-service fees and bank financing interest to be strictly separated, with fee standards published or agreed; no fees in the name of confirmation; no forcing above-market rates. Payment terms should state the start point (delivery/acceptance/reconciliation), tenor and whether tied to non-cash payment; Order 802 requires a large enterprise buying from an SME to pay within 60 days of delivery, with any different contract term reasonable.
Acceptance checks: cost items; bearer; base; annualised rate; start point; tenor; non-cash; disclosure; reconciliation. Common gaps: only "bank interest"; service fee mixed into interest; supplier forced to bear; tenor starts at invoice; non-cash as default; no annualised disclosure.
| Cost/term | What to write | Evidence | Common gap |
|---|---|---|---|
| Financing interest | Annualised/calculation/days | Contract/quote | Monthly rate only |
| Factoring fee | Rate/base/timing | Contract | Double charging |
| Information-service fee | Standard/object/separate from interest | Publication/agreement | Mixed into interest |
| Registration/search | Who does/pays | Receipt/record | Not stated |
| Guarantee/insurance | Rate/cover | Policy/contract | Missing |
| Dynamic discount | Discount rate/early days | Rules/confirmation | Disguised high interest |
| Payment tenor | Start point/tenor/non-cash | Contract/reconciliation | Starts at invoice |
| Bearer | Core enterprise/supplier/shared | Contract/confirmation | Forced on supplier |
Cost/tenor is editorial; contracts, quotes, regulatory requirements and institution disclosure control.
Which contract clauses should be included?
At least: financing model/eligible suppliers; option to refuse non-cash payment; payment tenor/start point; confirmation obligation/deadline (30 days); transfer/splitting limits; registration/search obligations; cost/rate/bearer; recourse/non-recourse/repurchase; core-enterprise payment at maturity/settlement account; data authorisation/privacy/cross-border; anti-bribery/conflict of interest; default/overdue interest; termination/exit/transition; dispute resolution. Clauses must be enforceable; "supports supplier financing" is not enough.
Acceptance checks: model; option; tenor; confirmation; transfer; registration; cost; recourse; payment; data; integrity; default; exit. Common gaps: forced non-cash; no confirmation deadline; unlimited splitting; cost passed on; unclear recourse; no data authorisation; no exit transition.
| Clause | What to write | Evidence | Common gap |
|---|---|---|---|
| Model/eligibility | Reverse factoring/e-voucher/bill | Contract | Vague |
| Option | Supplier may refuse non-cash | Clause/confirmation | Forced |
| Payment tenor | Start/tenor/overdue | Contract | Unclear |
| Confirmation | 30 days/undisputed portion | Confirmation record | No deadline |
| Transfer/splitting | Tiers/counts/notice | System/clause | Unlimited |
| Registration | Who/search/fee | Registration certificate | No registration |
| Cost | Rate/service fee/bearer | Quote/contract | Passed on |
| Recourse/repurchase | Recourse/non-recourse/conditions | Contract | Unclear |
| Data | Authorisation/privacy/cross-border | Authorisation | None |
| Integrity | Anti-bribery/conflict of interest | Commitment | Missing |
| Exit | Termination/transition/outstanding | Plan | No transition |
The clause list is editorial and is not a contract template or legal advice; legal/finance/treasury review before signing.
How should accounting, disclosure and risk be described?
Accounting: whether a receivable is derecognised, and whether the arrangement creates a guarantee/repurchase/continuing involvement, must be judged under accounting standards and the auditor's view — not merely "transferred/financed"; the core enterprise should monitor its full debt (loans, bonds, bills, payables, e-vouchers) and maturity profile. Disclosure: Order 802 requires large enterprises to include overdue SME payment contract counts/amounts in the annual report and publish them; listed/bond issuers also follow securities and accounting disclosure rules. Risk: core-enterprise credit over-expansion, multiple borrowing, fake trade, double financing, platform fund pools, supplier dependency, affiliate arbitrage, reputational and contagion risk.
Acceptance checks: derecognition; continuing involvement; full debt; maturity profile; disclosure; fake trade; double financing; platform; affiliation; contagion. Common gaps: treating financing as "no liability"; no consolidation; no disclosure; no monitoring; affiliate arbitrage; platform touches funds.
| Item | What to confirm | Evidence | Common gap |
|---|---|---|---|
| Derecognition | Whether risk/reward transferred | Accounting judgement/audit | Transfer only |
| Continuing involvement | Repurchase/guarantee/recourse | Contract/measurement | Omitted |
| Full debt | Loans/bonds/bills/payables/e-vouchers | Ledger | Loans only |
| Maturity profile | Concentration/gap | Cash-flow table | Not modelled |
| Disclosure | Overdue payments/accounting policy | Annual report/announcement | No disclosure |
| Fake trade | Contract/logistics/acceptance | Document chain | Backfilled |
| Double financing | Registration/search/invoice | Registration/ledger | Not searched |
| Platform risk | Licence/funds/data | Due diligence/agreement | Fund pool |
| Affiliation/contagion | Affiliated institutions/concentration | Ownership/ledger | Not identified |
Accounting/disclosure is editorial; accounting standards, audit opinions, securities regulation and company policy control.
How should the website page be written, and what must not be published?
Suggested sections: (1) supported financing models/eligible suppliers; (2) parties and process; (3) confirmation/registration/trade-background requirements; (4) tenor/cost/bearer; (5) compliance red lines; (6) application entry/documents; (7) contact/version/update date. The public page explains "models, conditions, process and boundaries", and does not publish supplier names, credit limits, rates/fees, voucher numbers, core-enterprise credit ratings, unpublished financials or disputes; application and status tracking sit behind login/controlled access.
The English page should use consistent terms (reverse factoring, receivables e-voucher, supply-chain bill, confirmation, recourse/non-recourse, registration, derecognition, dynamic discounting) and state the cut-off date. It can link to payment-terms, guarantee, mortgage/pledge, supplier financial-risk and SRM portal pages, but must not become a payment-terms or guarantee page.
| Section | What to write | Evidence | Avoid |
|---|---|---|---|
| Model/eligibility | Reverse factoring/e-voucher/bill | Policy/product | Only "financing" |
| Parties/process | Roles/documents/timing | Process chart | Roles confused |
| Confirmation/registration | 30 days/unified registration | Process/certificate | No registration |
| Tenor/cost | Start/tenor/bearer | Contract/quote | Hidden fees |
| Compliance red lines | Voluntary/tenor/fees/licence | Policy | Default non-cash |
| Application entry | Documents/contact/status | Page/system | Personal mobile |
| Public boundary | No names/limits/rates | Access control | Publish all |
| Version | Update date/owner | Page | No owner |
The page structure is editorial; public statements must be true and verifiable, and regulations, contracts and company policy control.
Go-live acceptance checklist
Ten checks: model/eligibility; parties/process; real trade background; confirmation/30 days; registration/search; tenor/limits; cost/rate/bearer; contract clauses (option/recourse/data/exit); accounting/disclosure; public boundary/version. Each needs an owner, evidence and review date. The pass standard is not "the page says supplier financing is supported", but that procurement, finance and legal can use the page to judge the model, confirmation, registration, cost, tenor and exit.
Before go-live, run one real (redacted) financing case through: trade background → acceptance/reconciliation → confirmation → issuance/transfer → financing application → review/registration → disbursement → payment at maturity → recourse/repurchase. Then simulate a supplier refusing non-cash payment, an overdue payment and a platform/funder change to see whether the page and policy work.
| Check | Pass standard | Evidence | If failed |
|---|---|---|---|
| Model/eligibility | Model, suppliers, conditions | Policy/product | Add model |
| Parties/process | Roles/documents/timing | Process chart | Add process |
| Trade background | Contract/order/acceptance/invoice | Document chain | Add evidence |
| Confirmation | 30 days/undisputed portion | Confirmation record | Confirm |
| Registration | Unified registration/search | Registration/search | Register |
| Tenor/limits | Start/≤6 months/≤1 year | Contract/voucher | Amend clause |
| Cost | Rate/service fee/bearer | Quote/contract | Disclose |
| Contract | Option/recourse/data/exit | Contract | Amend contract |
| Accounting/disclosure | Derecognition/full debt/publication | Accounting/annual report | Assess |
| Public boundary | No names/limits/rates | Access control | Take down |
The acceptance list is editorial; regulations, contracts, accounting standards and company policy control.
Who should read it, who should not, and what decisions does it support?
For procurement, finance, legal, treasury, internal-control, supply-chain and website teams at equipment, electronics, automotive-parts, medical-device, hardware, chemical, packaging and export manufacturers in Changzhou and nearby; also for companies designing a supplier financing/reverse factoring program, being asked to accept drafts/e-vouchers, or facing "slow confirmation, unclear fees, over-long tenor, platform touching funds". Not for teams that do not use supplier financing or sign procurement contracts, or that want one page to replace legal/financial/accounting advice.
Read it if: building a supplier financing page; only writing "partner bank"; forcing non-cash; tenor beyond limits; confirmation fees; platform pooling funds; affiliate interest arbitrage; no registration; no disclosure; no exit transition. Not suitable if: treating an "e-voucher" as cash; treating "confirmation" as payment; treating "financing" as no liability; publishing supplier names/limits/rates. Supports: model selection, confirmation/registration, cost/tenor, contract, disclosure, exit and page wording self-checks.
FAQ
What is the difference between reverse factoring and a receivables e-voucher?
Reverse factoring is where the core enterprise confirms the receivable and the supplier assigns the claim to a bank/factor for financing, with the core enterprise paying at maturity; a receivables e-voucher is an electronic record issued by the core enterprise through a supply-chain information-service system, promising to pay on time, and transferable/financeable. The former is a factoring arrangement, the latter a voucher plus information service; they can be combined, but the legal relationship and registration requirements differ.
Can the e-voucher tenor exceed 6 months?
Yin Fa [2025] No. 77 provides that a receivables e-voucher tenor should in principle be within 6 months and at most 1 year; if it exceeds 6 months, the bank must scrutinise the reasonableness of the tenor and industry settlement practice and conduct financing prudently. Do not treat "maximum 1 year" as the default tenor, and do not use non-cash payment to disguise an extension.
Must a large enterprise pay within 60 days?
The Regulations on Ensuring Payments to SMEs (State Council Order No. 802, effective 1 June 2025) provide that a large enterprise buying goods, works or services from an SME shall pay within 60 days of delivery; if the contract provides otherwise, the term must be reasonable under industry norms and trade practice, and payment may not be conditioned on receiving a third party's payment or tied to a third party's payment progress. Application depends on the regulation and the parties' size classification.
Can a supplier refuse drafts/e-vouchers?
Yes. Order 802 provides that the use of commercial drafts, receivables e-vouchers or other non-cash payment must be clearly and reasonably agreed in the contract, may not be forced on an SME, and may not be used to disguise an extension of payment terms. The page and contract should state that the supplier may choose cash or non-cash, not make non-cash the default or an eligibility condition.
How should confirmation and registration be done?
Confirmation should confirm the receivable amount, maturity and undisputed portion; Order 802 requires confirmation of the debt relationship within 30 days of an SME's request (government bodies, public institutions and large enterprises). E-voucher financing is registered through the PBOC Credit Reference Center unified movable-property financing registration and publicity system; the parties are responsible for the truthfulness, completeness and legality of the registered content, and should search prior registrations to prevent double financing.
Should the website publish supplier names, rates and limits?
Usually not specific supplier names, credit limits, rates/fees, voucher numbers, core-enterprise credit ratings, unpublished financials or disputes. The public page can explain financing models, eligibility, process, cost-bearing principles, compliance red lines and a contact window; detailed materials are provided after login/under control.
One-sentence takeaway
The supplier financing/reverse factoring/receivables e-voucher page on a Changzhou manufacturer's website is not about "helping suppliers finance"; it is about turning model, parties, real trade background, confirmation/registration, tenor/cost, compliance red lines, contract, accounting disclosure and exit into a checkable list, so procurement, finance and legal can judge whether it can be done, who bears what, how to confirm and how to exit.
Research method and limitations
This article is a summary of public rules and page method, not legal, financial, accounting or investment advice. It uses no unpublished supplier names, credit limits, rates, vouchers, financials or disputes; the models, tables and acceptance items are editorial and not compliance conclusions. Yin Fa [2025] No. 77 (effective 15 June 2025, with a two-year transition for receivables e-voucher rules), Yin Fa [2020] No. 226, and the Regulations on Ensuring Payments to SMEs (State Council Order No. 802, effective 1 June 2025); the regulations, regulatory findings, contracts, accounting standards and institution reviews control. This article does not decide whether any specific financing/confirmation/registration/accounting treatment is valid; companies should review item by item.
Sources and basis
Current to 2026-11-08; the official pages below control.
- Notice on Regulating Supply-Chain Finance and Guiding Supply-Chain Information-Service Institutions to Better Serve SME Financing (Yin Fa [2025] No. 77, effective 15 June 2025): gov.cn. Definition of receivables e-voucher, real trade background, payment tenor, registration, settlement, fees and core-enterprise conduct.
- Opinions on Regulating the Development of Supply-Chain Finance (Yin Fa [2020] No. 226): gov.cn. Supply-chain finance definition, timely payment, no occupying receivables while an affiliate earns interest, trade authenticity.
- Regulations on Ensuring Payments to Small and Medium-sized Enterprises (State Council Order No. 802, effective 1 June 2025): gov.cn. 60-day payment, voluntary non-cash payment, 30-day confirmation, overdue interest, annual-report publication.
- PBOC official Q&A on Yin Fa [2025] No. 77: gov.cn. E-voucher tenor, separation of fees and interest, information-service provider positioning.