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Local Governments Default On Covid Testing Fees

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Leading nucleic acid testing companies face a surge in accounts receivable as financially pressured local governments default on fees payable to testing companies after prolonged periods of testing, Caixin reported. In the first three quarters of 2022, the total accounts receivable of nine leading testing companies reached CNY36.2 billion, Caixin said. Many cities have gradually begun to reduce the frequency of testing and cancel free testing for most people, Caixin added.

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Leading nucleic acid testing companies face a surge in accounts receivable as financially pressured local governments default on fees payable to testing companies after prolonged periods of testing, Caixin reported. In the first three quarters of 2022, the total accounts receivable of nine leading testing companies reached CNY36.2 billion, Caixin said. Many cities have gradually begun to reduce the frequency of testing and cancel free testing for most people, Caixin added.