# electronic receivable vouchers

PBOC Moves to Rein In Firms’ Accounts‑Receivable Practices to Protect SMEs and Financial Stability

The People’s Bank of China has begun tightening rules on how large firms manage electronic accounts‑receivable vouchers, aiming to curb opaque supply‑chain finance practices that can mask leverage and hurt SMEs. The move follows prior engagements with automakers and builds on 2025 guidance limiting the term of electronic receivables, signalling Beijing’s effort to prioritise financial stability while protecting small suppliers’ access to credit.