Asia Corporate Payment Survey 2021:
Coface’s 2021 Asia Corporate Payment Survey, conducted between October 2020 and March 2021, provides insights into the evolution of payment behavior and credit management practices of over 2,500 companies across Asia Pacific during a pandemic year. Respondents came from nine markets (Australia, China, Hong Kong SAR, India, Japan, Malaysia, Singapore, Thailand and Taiwan) and 13 sectors located in the Asia Pacific region.
No deterioration of payment delays despite the impact of COVID
65% of respondents experienced payment delays in 2020, similar to 2019. Despite a weakened economic environment, the survey conducted by Coface shows that payment delays improved in 2020, with the average duration of overdue payments falling to a five-year low, thanks to strong government policy responses. Shorter payment delays were seen across six of the nine surveyed economies and 10 out of 13 sectors. This trend was partially due to robust and coordinated government policy responses to soften the impact of the pandemic on business activity as well as the move by companies towards tightening credit management and strengthening cash-flow resiliency. Tighter credit policy was reflected by the average duration of payment delays in Asia Pacific falling to 79 days in 2020, down from 85 in 2019, and marked the shortest length since 2015.
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