Top planning official says repaying debts is ‘moral bottom line’ and biggest step for improving China’s business environment.

China has set a deadline for local governments to settle the outstanding payments they owe to companies, calling it essential for improving the country’s business environment amid an economic slowdown. All arrears less than 500,000 yuan (US$70,870) must be cleared by the end of the year, said Xiao Weiming, deputy secretary general of the National Development and Reform Commission, the country’s top economic planner. “The biggest step in improving the business environment right now is clearing…

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