Media OutReach
2025 China corporate payment survey: Longer payment terms helped mitigate increases in payment delays
- Companies generally extended their payment terms, aided in part by third-party risk mitigation tools that may provide some comfort for suppliers to accommodate client needs.
- Longer payment terms have mitigated increases in payment delays, which rose only slightly from 64 days to 65 days.
- However, if payment delays are added to payment terms, the total average waiting time between product delivery and payment collection increased from 133 days in 2023 to 141 days in 2024.
- Among respondents that experienced ultra-long payment delays (ULPDs, above 180 days), almost half reported late payment worth at more than 2% of annual turnover. This proportion was significantly up from 33% in 2023 and implied a rise in non-payment risk.
Junyu Tan, North Asia Economist at Coface, says: “The collection period for Chinese suppliers lengthened in 2024, due to declining corporate revenues, driven by slower volume growth amid sluggish domestic demand but also by price pressures in an ongoing deflationary environment. While suppliers extended payment terms on average, growing caution was evident as fewer companies offered credit sales. Looking ahead to 2025, 52% of our respondents expected the economic outlook to improve as government stimulus efforts may have bolstered confidence among companies. However, this optimism could be overstated, as stimulus measures have been relatively restrained so far, and tariff risks for trade sectors remain a looming challenge. Coface expects China’s GDP growth to stand at 4.3% in 2025.”
Payment delays[1]: Increasing ultra-long payment delays
Companies generally extended payment terms in 2024, aided in part by third-party risk mitigation tools. The average total payment terms increased from 70 days in 2023 to 76 days in 2024. Thanks to these more generous terms, payment delays remained relatively stable, rising only slightly from 64 days to 65 days. However, if payment delays are added to payment terms, the total average waiting time between product delivery and payment collection, known as days sales outstanding (DSO), increased from 133 days in 2023 to 141 days in 2024, indicating an extended collection period from a year ago.
The share of respondents reporting past dues considerably reduced from 62% in 2023 to 44% in 2024. The duration of delays also remained stable. However, when combined with longer payment terms, the average days sales outstanding (DSO) rose from 133 days in 2023 to 141 days in 2024, indicating extended collection periods.
Meanwhile, among respondents that experienced ultra-long payment delays (ULPDs, above 180 days), 50% reported late payment worth more than 2% of annual turnover. This proportion was significantly up from 33% in 2023 and implied a rise in non-payment risk. Based on Coface’s practical experience, 80% of such delays, above 180 days and exceeding 2% of suppliers’ annual turnover, were not able to be collected.
By sector, the wood industry has experienced the most significant extension in payment delays, primarily driven by the prolonged housing market crisis that suppressed furniture demand and led to a significantly longer settlement cycle for the sector. Meanwhile, the automotive sector faced similar challenges. This was largely attributed to the financial burden on car dealers, who were grappling with losses and capital constraints amid an ongoing discount war aimed at reducing inventory. The construction industry continued to have one of the longest DSO in the survey, reflecting persistently tight liquidity conditions for the downstream.
Economic expectations: Competition to remain intense amid persisting overcapacity pressure
Respondents remained optimistic about the economic outlook over the next 12 months, with 52% expecting business conditions to improve in 2025. Pharmaceuticals remained the most optimistic industry (83%), driven by structural demand from an aging population. Metals ranked second in optimism (72%), likely fuelled by hopes for stimulus measures. Yet, this sentiment may be excessive, as muted demand from the housing construction sector may continue to weigh on real demand. Additionally, rising tariffs between the U.S. and China could exacerbate challenges for metals like steel and aluminium that are subject to higher tariffs. Textiles remained the most pessimistic sector, though fewer respondents expected the outlook to worsen compared to last year, as textile firms may find some relief from moderating raw material costs, with prices for cotton and oil expected to trend lower.
Fierce competition remained the top risk facing corporate operations in 2025, highlighting the persistent challenge of China’s excessive production capacity. Slowing demand ranked as the second-largest risk, particularly for export-oriented firms, which could face heightened trade barriers under a second Trump presidency. It remained unclear whether government efforts to stimulate domestic demand would be sufficient to offset the shortfall in external demand. The sustained gap between supply and demand is likely to push Chinese companies to continue engaging in price competition to drive sales, further intensifying market pressures.
Hashtag: #Coface
The issuer is solely responsible for the content of this announcement.
COFACE: FOR TRADE
As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring. Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed ~5 236 people and recorded a turnover of ~€1.84 billion.
For more information, visit 
coface.com.hk
Number of New Business Policies tops the market for 11 consecutive years
- Number of Inforce Policies
- Number of New Business Policies (Top the market for 11 consecutive years2)
- Number of Local New Business Policies
- Number of Non-Local New Business Policies
- Non-local Annualised New Premiums3
- New Office Premiums from Agency Channel3
- Annualised New Premiums from Agency Channel3
- Number of New Business Policies from Agency Channel
- Number of New Business Policies from Brokerage Channel
Mr. Alger Fung, Chief Executive Officer of AIA Hong Kong & Macau, said, “This success would not have been possible without the trust of our customers and the relentless dedication of our teams. We will maintain our commitment to customer centricity in order to sustain our position as the number 1 choice for our customers and help everyone live Healthier, Longer, Better Lives. ”
Hashtag: #AIA #友邦
The issuer is solely responsible for the content of this announcement.
About AIA Hong Kong & Macau
AIA Group Limited established its operations in Hong Kong in 1931. To date, AIA Hong Kong and AIA Macau have over 18,000 financial planners1, as well as an extensive network of independent financial advisors, brokerage and bancassurance partners. We serve over 3.6 million customers2, offering them a wide selection of professional services and products ranging from individual life, group life, accident, medical and health, pension, personal lines insurance to investment-linked assurance schemes with numerous investment options. We are also dedicated to providing superb product solutions to meet the financial needs of high-net-worth customers.
1 as of 31 December 2024
2 Including AIA Hong Kong and AIA Macau’s individual life, group insurance and pension customers (as of 31 December 2024)
Media OutReach
Feng Wei Ju and 8½ Otto e Mezzo BOMBANA Garner Coveted Diamond Awards in Black Pearl Restaurant Guide 2025
Celebrating Black Pearl One-Diamond award wins, both restaurants epitomize the rigorous standards that Galaxy Macau has come to represent. Feng Wei Ju, which has maintained its Michelin Two-Star status for nine consecutive years, is led by Assistant Vice President of Food & Beverage Culinary of StarWorld Hotel and Executive Chef of Feng Wei Ju, Chan Chek Keong. With nearly 30 years of expertise in Hunan and Sichuan cuisine, Chef Chan artfully highlights the authentic flavors of these regions, securing Feng Wei Ju’s standout status as a premier dining destination in Hong Kong and Macau.
Helmed by Executive Chef Marino D’Antonio, 8½ Otto e Mezzo BOMBANA at Galaxy Macau adheres to gastronomic legend Umberto Bombana’s award-winning philosophy of providing the most authentic Italian cuisine, together with the natural essence of seasonal ingredients, presenting the vibrant culinary culture of Italy.
Recognized as one of the most influential restaurant award platforms in China’s dining industry, the Black Pearl Restaurant Guide relies on anonymous evaluations from seasoned food enthusiasts, culinary professionals, and researchers. Its assessment focuses on three main criteria: culinary excellence, service quality, and innovation in culinary traditions.
Within Galaxy Macau’s impressive portfolio of over 120 dining options, the highlighted award-winning restaurants exemplify the resort’s commitment to culinary excellence. Their talented chefs craft authentic dishes that reflect the rich diversity of Northern Chinese, Hunan, and Cantonese cuisines, along with Macanese-Portuguese fusion and international flavors from Japan, Thailand, and Italy. Diners can indulge in unique culinary experiences, savoring fresh, local ingredients while appreciating the deep cultural heritage and innovation behind each dish, all delivered with genuine hospitality.
Hashtag: #GalaxyMacau
The issuer is solely responsible for the content of this announcement.
About Galaxy Macau Integrated Resort
Galaxy Macau™, The World-class Luxury Integrated Resort delivers the “Most Spectacular Entertainment and Leisure Destination in the World”. Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Eight award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotel™, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau and Andaz Macau. Unique to Galaxy Macau, the 75,000-square-meter Grand Resort Deck features the world’s longest Skytop Adventure Rapids at 575-meters, the largest Skytop Wave Pool with waves up to 1.5-meters high and 150-meters pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz-Carlton Spa, Macau help guests relax and rejuvenate.
As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies; Galaxy Promenade is the hottest shopping destination featuring the latest in fashion and curated experiences in Macau. Spanning over 100,000-square-meter, luxury flagship stores, lifestyle boutiques and our selection of labels are among the more than 200 world-renowned brands for a world-class shopping journey; Galaxy Cinemas, immersive thrills and luxurious comfort go hand in hand at Galaxy Cinemas. All 10 theaters are equipped with the latest audio-visual technology; CHINA ROUGE, one-of-a-kind cabaret lounge that evokes the glamor of Shanghai’s golden era with stylish entertainment and customizable surrounds; and Foot Hub, which presents the traditional art of reflexology for authentic relaxation and revitalization. For Authentic Macau Flavours and Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavours at Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events. Meeting, incentive and banquet groups are also catered to with a portfolio of unique venues in Galaxy Macau and an expert service team.
Galaxy International Convention Center (GICC) is the latest addition to the Group’s ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world-class event venue featuring 40,000-square-meters of total flexible MICE, and the 16,000-seat Galaxy Arena – the largest indoor arena in Macau.
For more details, please visit 
www.galaxymacau.com, www.broadwaymacau.com.mo and www.galaxyicc.com.
For Batch 1, launched in January 2024, we have successfully selected 7 startups out of more than 800 applicants, and the startups are continuing their PoC trials, aiming to achieve innovative collaborations.
Creww will continue to partner with Real Madrid Next to bring innovative technologies and services from Asian startups to develop projects that aim to improve and advance the sports industry. “Real Madrid Next Accelerator for Asia” is designed not only to boost the growth of Asian startups, but to also create an innovation community for Real Madrid Next, by carrying out continuous programs for Asian startups to innovate the sports industry as a whole in the decades to come.
Applications for the program have opened today, on April 25th.
Please visit https://global.creww.me/global/ja/real-madrid-next-accelerator-for-asia-2 to apply.
Program Theme
The program will focus on Real Madrid Next’s six areas of work.
1. E-Health – technological innovation to help improve the physical and mental abilities of athletes, influencing prevention, diagnosis and sports recovery
2. Performance – tools and methods to improve the ability to evaluate the performance of athletes from data and analysis
3. Audiovisual – innovative content to improve the audiovisual experience with immersive technologies and new multimedia channels
4. Fan Engagement – creation of loyalty products and services that will revolutionize the fans’ online and offline experience, both inside and outside the stadium
5. Cybersecurity & Technology – new tools to protect online data, prevent loss of information, ensure access to the stadium and control its flows
6. Social – supporting the social participation through the Real Madrid Foundation, defining instruments for managing cooperation and improving social tools and environmental sustainability
Program Timeline (as of April 2025)
| April 25th – June 20th 2025 | Application |
| Late June – Late September 2025 | Selection of startups |
| October – December 2025 | PoC Contract signing |
| January – May 2026 | PoC |
| June – July 2026 | Demo Day |
Program Overview
| Program Name | Real Madrid Next Accelerator for Asia |
| Target | early and middle-stage startups in Asia in the field of sports-tech, health-tech, fan engagement, etc. which aligns with Real Madrid Next’s six areas of work |
| Expected Outcome | business partnerships* |
| Application |
Please visit below to apply: https://global.creww.me/global/ja/real-madrid-next-accelerator-for-asia-2 |
| Organizer | Real Madrid Next, Creww Inc. |
Comment from Real Madrid Next
“The first cohort of the Real Madrid Next Accelerator for Asia gave us access to many talented companies. We were able to involve startups from different areas of the Real Madrid ecosystem and benefit from cutting-edge technologies and exceptional know-how. We are now excited to launch the second batch and soon meet this new generation of sports technology entrepreneurs in Asia.”
About Real Madrid Next
Real Madrid Next is the brand under which Real Madrid’s innovation projects are developed, with the collaboration of startups and companies looking to improve performance with the support of the Real Madrid ecosystem. Real Madrid Next focuses on six work areas: e-health, performance, fan engagement, audiovisual, cybersecurity & technological infrastructures and social. In all of them we seek excellence and the greatest technological advance possible to allow the club to enhance its digital transformation and keep its leadership in the sports industry. Learn more at https://www.realmadridnext.com/en/next/home.
Hashtag: #creww #realmadrid #realmadridnext #accelerator #asia #startup #sports #technology #sportstech #healthtech
https://creww.in/global/en
https://creww.in/global/en
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