More on 8-Point Central Regulations - Ensuring Payments to SMEs - Regulations on Implementing Anti-Foreign Sanctions Law - He Lifeng Meets Citadel & Blackstone Chiefs
Here are the reports on articles that I found worth reading in the People’s Daily on Tuesday, March 25, 2025.
Page 1: The lead story on the page is again about the implementation of the 8-point central regulations. This one also focuses on how Xi Jinping has led the way in this regard. The article calls the new education campaign focussing on the regulations a “re-education and re-armament of Party members and cadres in ideological theory, as well as a re-examination and enhancement of discipline and work style.” 这是对党员干部思想理论的一次再教育、再武装，是对纪律作风的一次再检阅、再提升.
The piece tells us that the 8-point central regulations are not just for five or ten years but must be upheld in the long run…The formulation and implementation of the 8-point central regulations is an act of setting an example of credibility for our Party in the new era. We must maintain persistent efforts and make long-term commitments—if ten years is not enough, then twenty years; if twenty years is not enough, then thirty years—until it truly becomes a custom and shapes social and popular customs with good Party work conduct.” “中央八项规定不是只管五年、十年，而是要长期坚持。”“制定实施中央八项规定，是我们党在新时代的徙木立信之举，必须常抓不懈、久久为功，十年不够就二十年，二十年不够就三十年，直至真正化风成俗，以优良党风引领社风民风.”
Implementing and enforcing the 8-point central regulations may seem like a ‘small matter’, but it reflects a spirit of self-revolution.” 抓中央八项规定贯彻落实，看起来是“小事”，但体现的是一种自我革命的精神.
I am not breaking down the rest of the piece; it largely reiterates themes that I had covered yesterday. But there are newer examples. The piece also talks about using culture to change attitudes and work style.
Next, there’s a report on Li Qiang meeting with Asian Development Bank (ADB) President Masato Kanda in Beijing. Xinhua says:
“Li said in recent years, affected by geopolitical turbulence and rising protectionism, the world economy has recovered slowly with increased instability and uncertainty. Li called on Asian countries to strengthen solidarity and coordination, adhere to multilateralism, advance regional economic integration, break down barriers to the flow of trade, investment and technology, and maintain the stability and smooth flow of industrial and supply chains. At the same time, all sides should strengthen macro policy coordination, deepen exchanges and cooperation in science and technology innovation, enhance the efficiency and resilience of the Asian economy, better withstand various risks, and join hands to achieve common development, Li added. Noting that the ADB is an important multilateral development institution in the Asia-Pacific region, Li said China is ready to further expand all-round cooperation with the ADB, push the partnership to a new level, better achieve mutual benefit and win-win results, and provide more public goods for the region. The premier said both sides should strengthen financial cooperation in such fields as environmental protection, green and low-carbon development, elderly care and medical care, and deepen knowledge cooperation in such fields as the development of emerging industries, fiscal and tax system reform, and aging response. China is ready to share its useful experience in poverty reduction and digital economy with other developing members in the Asia-Pacific to support them in better meeting challenges and achieving sustainable development, said Li.”
Next, there’s a report on Zhao Leji meeting with Italy’s Senate President Ignazio La Russa. Xinhua reports:
Zhao said that “China appreciates Italy’s adherence to the one-China principle and is willing to tap into cooperation potential in shipbuilding, aerospace and new energy, Zhao said, adding that cooperation in the fields of culture, art, tourism and education should also be strengthened. He called for increased exchange between the NPC and Italy’s parliament within bilateral and multilateral frameworks. He said China is ready to work with the EU to use the 50th anniversary of the establishment of diplomatic ties as an opportunity to promote the sustained, steady and sound development of China-EU relations, and hopes Italy will continue to play a positive role in this regard. He said companies from all over the world, including those from Italy, are welcome to seize cooperation opportunities in and grow alongside the Chinese economy.”
Next, there’s a report on Vice President Han Zheng’s meetings with Swire Pacific Limited chairman Merlin Swire and Novartis CEO Vas Narasimhan. Xinhua reports:
“When meeting with Merlin Swire, Han said China sticks to the right direction of economic globalisation, upholds the world trade rules system, and unswervingly advances reform and opening up, which will inject more stability and certainty into global economic development. Han noted that Swire Pacific Limited, a globally renowned multinational company, has seen strong development in both Chinese mainland and Hong Kong Special Administrative Region. He expressed hope that the company will actively contribute to the building of the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port, while also supporting Hong Kong's role as an international aviation hub.”
“During his meeting with Vas Narasimhan, Han praised Novartis as a world-renowned innovative pharmaceutical company that has made significant contributions to global health. He emphasized that the Chinese government encourages and supports the research and development of innovative drugs, will strengthen intellectual property rights protection in accordance with the law, and strive to create a better innovation environment for foreign companies, including Novartis. It is hoped that Novartis will seize the opportunity, give full play to its own advantages, deepen and expand mutually beneficial cooperation between the two sides, and achieve greater development in China, he said.”
Finally, there’s a report informing that Ding Xuexiang will be attending the Boao Forum for Asia.
Page 2: There are two useful reports. First, Li Qiang signed an order on new regulations aimed at ensuring timely payments to small and medium-sized enterprises. Xinhua reports:
“The new regulations, which will go into effect on June 1, detail the responsibilities of the relevant departments at the central and local levels to ensure timely payments to SMEs. The regulations specifically require that large-scale enterprises pay SMEs within 60 days of the delivery of cargo, projects or services. The new regulations also improve supervision and settling of complaints to ensure timely payments to SMEs, while stepping up punishment of illegal acts.”
Some key points from the report:
The people’s governments of provinces, autonomous regions and municipalities directly under the Central Government shall be responsible for the payment of funds to small and medium-sized enterprises within their administrative regions. 强调省、自治区、直辖市人民政府对本行政区域内保障中小企业款项支付工作负总责.
The regulations clearly define the payment deadline requirements for government agencies, public institutions, and large enterprises when paying SMEs. They have a provision that large enterprises must make payments within 60 days from the date of delivery of goods, projects, or services. When reasonably agreeing on payment deadlines based on industry norms and trading practices, it is prohibited to set the receipt of third-party payments as a condition for paying SMEs or to pay SMEs based on the progress of third-party payments. Additionally, they have a provision that in transactions between government agencies, public institutions, large enterprises, and SMEs, if part of the transaction is disputed but does not affect the performance of other parts, the undisputed portion must be paid in a timely manner. 二是强化款项支付责任。明确机关、事业单位和大型企业支付中小企业款项的期限要求，增加规定大型企业应当自货物、工程、服务交付之日起60日内支付款项；按照行业规范、交易习惯合理约定付款期限的，不得约定以收到第三方付款作为向中小企业支付款项的条件或者按照第三方付款进度比例支付中小企业款项。增加规定机关、事业单位和大型企业与中小企业的交易，部分存在争议但不影响其他部分履行的，对于无争议部分应当履行及时付款义务.
The regulations require people’s governments at the county level and above, along with relevant departments, to strengthen efforts to clear overdue payments through measures such as supervision and inspection, written inquiries and interviews, supervision and reporting, and complaint handling. They clearly define the rights and obligations of all parties involved in the complaint process…they specify that if a large enterprise seriously delays payments to SMEs or causes significant negative social impact, restrictions shall be imposed on its access to financial support, investment project approvals, and other areas in accordance with laws and regulations. 三是完善监督管理和投诉处理措施。增加规定县级以上人民政府及其有关部门通过监督检查、函询约谈、督办通报、投诉处理等措施，加大清理拖欠力度。明确受理投诉部门、处理投诉部门、投诉人、被投诉人等各主体的权利义务及投诉处理时限。规定拖欠中小企业款项情节严重或者造成严重不良社会影响的，对大型企业在财政资金支持、投资项目审批等方面依法依规予以限制.
Legal responsibilities concerning state-owned large enterprises that cause negative consequences or impact due to overdue payments to SMEs have been refined. Additionally, the regulations clarify penalties for unlawful actions by government agencies, public institutions, large enterprises, and their staff, including retaliation, abuse of power, and dereliction of duty. 四是加大违法处罚力度。对国有大型企业拖欠中小企业款项造成不良后果或者影响的，以及机关、事业单位和大型企业及其工作人员的打击报复、滥用职权、玩忽职守等违法行为，补充完善了相关法律责任.
The full text of the regulations is available on Page 11.
Next, there’s a report on Li Qiang signing a decree to unveil the Regulations on the Implementation of the Anti-Foreign Sanctions Law of the People’s Republic of China. These detail the specific responsibilities of State Council departments in implementing the Anti-Foreign Sanctions Law. The regulation comprises 22 articles.
First, the regulations improve countermeasures. It is clarified that the ‘other types of property’ that are sealed, seized, and frozen in Article 6, Item 2 of the Anti-Foreign Sanctions Law include cash, bills, bank deposits, securities, fund shares, equity, intellectual property rights, accounts receivable and other property and property rights; it is clarified that the ‘relevant transactions, cooperation and other activities’ prohibited or restricted in Article 6, Item 3 of the Anti-Foreign Sanctions Law include but are not limited to activities in the fields of education, science and technology, legal services, environmental protection, economy and trade, culture, tourism, health, and sports; it is clarified that the ‘other necessary measures’ in Article 6, Item 4 of the Anti-Foreign Sanctions Law include but are not limited to prohibiting or restricting engagement in import and export activities related to China, prohibiting or restricting investment within China, prohibiting the export of relevant items to the sanctioned entity, prohibiting or restricting the provision of data and personal information to the sanctioned entity, revoking or limiting the work permits, stay, or residency qualifications of related personnel in China, and imposing fines. 一是完善反制措施。明确《中华人民共和国反外国制裁法》（以下简称反外国制裁法）第六条第二项中查封、扣押、冻结的“其他各类财产”，包括现金、票据、银行存款、有价证券、基金份额、股权、知识产权、应收账款等财产和财产权利；明确反外国制裁法第六条第三项中禁止或者限制进行的“有关交易、合作等活动”，包括但不限于教育、科技、法律服务、环保、经贸、文化、旅游、卫生、体育领域的活动；明确反外国制裁法第六条第四项中的“其他必要措施”，包括但不限于禁止或者限制从事与我国有关的进出口活动，禁止或者限制在我国境内投资，禁止向其出口相关物项，禁止或者限制向其提供数据、个人信息，取消或者限制其相关人员在我国境内工作许可、停留或者居留资格，处以罚款.
Second, refine the countermeasures procedures. It is clarified that the relevant departments of the State Council have the right to conduct corresponding investigations and external consultations in the process of implementing countermeasures; it is stipulated that the countermeasures decision shall specify the applicable objects, specific countermeasures, and implementation dates of the countermeasures; it is clarified that the countermeasures decision shall be issued and updated in a timely manner through the official websites of the relevant departments of the State Council and other channels. 二是细化反制程序。明确国务院有关部门在实施反制过程中有权开展相应调查和对外磋商；规定反制决定应当明确反制措施的适用对象、具体反制措施、施行日期等；明确反制决定应当通过国务院有关部门官方网站等途径发布并及时更新.
Third, strengthen departmental coordination. It is stipulated that the relevant departments of the State Council shall be responsible for undertaking relevant work on countering foreign sanctions in accordance with their respective duties and tasks, and strengthen coordination and information sharing. 三是加强部门协同。规定国务院有关部门按照各自职责和任务分工负责承担反外国制裁相关工作，并加强协同配合和信息共享.
Fourth, strengthen implementation of measures. It is stipulated that for those who fail to implement countermeasures in accordance with the law, the relevant departments of the State Council have the right to order them to correct their behaviour, prohibit or restrict them from engaging in government procurement, bidding, and related goods, technology import and export or international service trade, prohibit or restrict them from receiving or providing data and personal information from abroad, and prohibit or restrict them from leaving the country, staying or residing in my country. At the same time, it is stipulated that organizations and individuals subject to countermeasures can apply for suspension, modification or cancellation of the countermeasures taken against them after correcting their behaviour and eliminating the consequences of their behaviour. 四是强化措施执行。规定对不依法执行反制措施的，国务院有关部门有权责令改正，禁止或者限制其从事政府采购、招标投标以及有关货物、技术的进出口或者国际服务贸易等活动，禁止或者限制其从境外接收或者向境外提供数据、个人信息，禁止或者限制其出境、在我国境内停留居留等。同时，规定被采取反制措施的组织、个人在改正行为、消除行为后果后，可以申请暂停、变更或者取消对其采取的反制措施。
The full regulations are on Page 11.
Page 3: There’s a Hé Yīn commentary discussing the China Development Forum. It basically makes an optimistic case for foreign enterprises being invested in China. The article argues that “‘Going long on China’ has become a buzzword in the international business community, reflecting the growing global expectations for China’s role as an economic engine.” “做多中国”，正成为国际工商界的热词，反映出国际社会对中国经济引擎作用的期待持续升温.
The lineup of participants in this forum annual meeting highlights this trend: there were heads of multinational companies such as Apple, Siemens, and BMW from Europe and the United States, as well as corporate executives from Malaysia, Brazil and other Global South countries, covering multiple domains, such as manufacturing, finance and services. These companies have all expressed their commitment to the Chinese market, optimism about opportunities in China, and dedication to long-term cooperation with China. 本次论坛年会的参会阵容彰显了这一趋势：既有来自欧美国家的苹果、西门子、宝马等跨国公司的负责人，也有来自马来西亚、巴西等全球南方国家的企业高管，覆盖制造业、金融业和服务业等多个领域。这些企业纷纷表示重视中国市场、看好中国机遇，致力于对华长期合作.
Later the piece adds that China is providing a “‘stabilising anchor’ for the world economy with the certainty of its high-quality development.” “Today, economic fragmentation is intensifying, unilateralism and protectionism are on the rise, and economic globalisation is facing headwinds. Historical lessons have repeatedly proven that openness and cooperation are the only paths to mutual success. As a responsible major country, China is firmly committed to upholding the multilateral trade system, demonstrating its leadership in advancing economic globalisation. China’s economic rebalancing has made significant progress, with the current account surplus as a percentage of GDP dropping from around 10% in 2007 to about 1% today. In the face of international changes, China remains steadfast in promoting openness and cooperation, advocating fair competition under internationally accepted rules, safeguarding free trade, and ensuring the smooth and stable operation of global industrial and supply chains. Through mutual benefit, China seeks greater development alongside its global partners.” 在外部不确定不稳定因素明显增多的情况下，中国正以高质量发展的确定性为世界经济提供“稳定锚”，始终是世界经济发展的稳定动力源。当今世界经济碎片化加剧，单边主义、保护主义上升，经济全球化遭遇逆流。历史经验教训反复证明，开放合作才是共赢之道。作为负责任大国，中国坚定做多边贸易体系的维护者，展现了推动经济全球化的大国担当。中国经济再平衡取得重大进展，经常项目顺差占国内生产总值的比重由2007年的大约10%下降至目前的1%左右。面对国际变局，中国坚定不移推进开放合作，倡导国际通行规则下的公平竞争，维护自由贸易和全球产业链供应链畅通稳定，同各方在互利互惠中实现更大发展.
Next, Vice Premier He Lifeng met with Blackstone Group chairman Stephen Schwarzman and Citadel founder Ken Griffin.
He told Schwarzman that “China encourages more U.S. companies and long-term capital to continue deepening mutually beneficial cooperation with China, playing a greater role in promoting the healthy development of bilateral economic and trade relations… (he) pointed out that China’s economy is currently demonstrating a positive momentum, with vitality and dynamism being further unleashed. The new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other is accelerating its formation, heralding even brighter prospects…”
He told Griffin that “China welcomes more foreign financial institutions, including Citadel, to invest and establish businesses and share development opportunities in the country… (he added that) China is deepening capital market reform while advancing high-standard financial opening-up, aiming to promote high-quality economic development.”
Finally, there’s an article making the case that China’s eight-point central regulations provide an important reference point for the development of political parties around the world. The piece essentially has foreigners praising the party’s governance and approach to work conduct.
Page 7: There’s a report informing that in the first two months of this year, China’s equipment manufacturing industry increased by 10.6% year-on-year. Among them, the growth rates of industrial added value in the three major industries of general equipment, automobile manufacturing, and electrical machinery and equipment were 9.5%, 12% and 12%, respectively.