China opens online channel for complaints on automakers' supplier payments
Tweet
Share
E-mail
SAIC Motor logo is seen in this illustration taken January 16, 2024. REUTERS/Dado Ruvic/Illustration
BEIJING (Reuters) -China's industry ministry on Wednesday opened an online channel for complaints about automakers' pledges to make timely supplier payments, saying it will coordinate with relevant parties to help with solutions.
Last month, major Chinese automakers including BYD, Chery, SAIC and Xiaomi vowed to make payments to suppliers within 60 days, as the backlash to a punishing price war mounts.
The ministry will move to regulate the industry's settlements and payments as part of efforts to "promote the healthy and sustainable development of the automobile industry," it said in a statement.
(Reporting by Qiaoyi Li and Brenda Goh; Editing by Christian Schmollinger)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Russia's Novoshakhtinsk oil refinery suspends operations after drone attack, governor says
- European stocks on track for weekly gain as oil prices ease
- German consumer confidence slumps as energy costs bite
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
