China is broadening its campaign against delayed payments to small and medium-sized enterprises (SMEs), combining State Administration for Market Regulation (SAMR) enforcement under Article 15 of the Anti-Unfair Competition Law with State Council measures on accounts payable, electronic vouchers and SME financing. SAMR’s 2026 special enforcement campaign targets large enterprises that use market power to extend payment terms, including through delayed inspection or project settlement, commercial bills and electronic vouchers. The agency has investigated certain leading automakers, ordered refunds of overdue payments and is coordinating with the Ministry of Industry and Information Technology, the People’s Bank of China (PBOC) and other departments. Separately, the PBOC will tighten accounts-payable disclosures and scrutiny of companies with large payables and ample cash, while offering financing conveniences in bond issuance and other areas to companies that reduce payables and shorten payment terms. Electronic accounts-receivable voucher balances fell 20% to 2.4 trillion yuan, approximately $358 billion, by the end of July 2026, and average maturities shortened by 92 days. New rules cap voucher terms at six months, strengthen platform reporting and prohibit new issuance services for enterprises with overdue payments. The combined framework is intended to reduce cash-flow pressure on SMEs and prevent large companies from obtaining effective interest-free financing by shifting funding costs downstream.