China’s business owners have spent a record amount of time collecting money owed to them this year as clients, led by large companies and local governments, put off payments in the wake of an economic slowdown.
Official data show it took an average of 54 days for Chinese private manufacturers to get paid in the first three quarters of this year. That is up from 45 days in 2019 and 27 days five years ago.
The delay in debt collection has taken a toll on China’s post-virus economic recovery as private companies, an important employer, trimmed their growth plans for fear of late payments.
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