The China Association of Automobile Manufacturers (CAAM) issued on Monday a normative initiative on account payment in procurement contracts between complete vehicle manufacturers and supplier companies, aiming to promote the high-quality and regulatory development of the country's automotive sector.
The overall principle of this initiative is to prevent large enterprises from using their dominant position to infringe on the interests of suppliers and jointly build a collaborative and win-win development ecosystem between complete vehicles and auto parts.
During the order confirmation phase, the vehicle manufacturer and supplier should confirm the order date, part name and specifications, quantity, delivery cycle, and other relevant details through the purchase order. If an effective purchase order needs to be changed or canceled, it should be agreed upon by both parties through negotiation, according to the normative initiative.
Regarding payment and settlement, the payment period for vehicle manufacturers is calculated from the date the supplier delivers the goods and passes the vehicle manufacturer's acceptance inspection, with a maximum period of no more than 60 calendar days.
Regarding contract terms, the initiative encourages both parties to establish a long-term, stable cooperative relationship, with each contract valid for a minimum of one year.
Chinese auto association issues payment standard initiative
Voting for the second phase of Myanmar's multi-party democratic general election concluded on Sunday afternoon.
Voting began at 06:00 local time on Sunday. At 16:00, an election official at a polling station in Yangon's Latha township announced the closure of the polling station.
Following the closure, election staff at the polling station, in the presence of domestic and international media, candidates, and observers, counted the votes, including advance votes, for seats in the Pyithu Hluttaw (Lower House), Amyotha Hluttaw (Upper House), and State and Region Hluttaws (State and Region Parliaments).
The second phase of the election was held in 100 townships across 12 of the 14 regions and states. In the Yangon region, it was held in 16 townships, including the townships of Latha, Bahan, Kyimyindaing and Kawhmu.
"We welcome the election, which is expected to bring new changes to the country," said a Yangon resident.
"I hope the parties can lead us and make it a better country, which is why I support the election," said another voter.
Myanmar's multi-party democratic general election is being held in three phases, with the first phase held in 102 townships on Dec 28 last year, and the third phase scheduled for Jan 25 this year in 63 townships.
"The parliament is scheduled to convene in March. Following the conclusion of the session, the new government will officially take office in April. We hope that more foreign investment will flow into Myanmar, enabling the public to enjoy the opportunities generated by the country's economic development more fully," said Zaw Min Tun, leader of the Information Team of Myanmar's National Defense and Security Council.
The Union Election Commission (UEC) said that about 5,000 candidates from 57 political parties are competing in the three phases of the election, adding that it plans to set up over 21,000 polling stations across the country for all three phases of the general election.
The election will produce the elected members of the Union Parliament (Pyithu Hluttaw and Amyotha Hluttaw) and State and Region Parliaments; the new Union Parliament will then elect a new president, who will form a new Union Government.
Voting for 2nd phase of Myanmar's general election concludes
