The China Association of Automobile Manufacturers (CAAM) has rolled out the "Initiative on Payment Specifications for Supplier Accounts in the Automobile Manufacturing Industry." This move is designed to standardize the payment process for procurement contracts between vehicle makers and their supply chain partners. A number of automotive companies have swiftly and positively responded to this call. BYD, for instance, is honing in on pivotal areas to forge a collaborative and mutually beneficial ecosystem. SAIC Group has standardized its payment terms to a maximum of 60 days and is persistently enhancing capital circulation. Xiaomi Automobile, adhering to its promise, ensures payment within the 60-day window, thereby safeguarding the rights and interests of its suppliers. Prior to this, 17 major vehicle manufacturers had already pledged to adhere to payment terms not exceeding 60 days. The Ministry of Industry and Information Technology has underscored the significance of this initiative for the industry's standardized growth, noting that the new energy vehicle supply chain is still in its nascent stages and that delayed payments from vehicle manufacturers can impede industrial progress. China is set to implement a range of strategies to cultivate a collaborative and mutually beneficial ecosystem, fostering the industry's robust development.