Chinese Premier Li Qiang is stepping up efforts to boost the nation’s economy and regulate the booming new energy vehicle (NEV) sector. On Wednesday, he led a State Council executive meeting to discuss key policies aimed at strengthening domestic economic circulation and curbing irrational competition in the NEV market.
The meeting emphasized the importance of boosting consumption by improving trade-in policies for consumer goods and offering diversified services to meet the varied needs of residents. It called for increased investment in new high-quality productive forces and emerging services to fully unleash the potential of domestic demand.
With China’s NEV sector experiencing rapid growth, concerns have risen over market order and competition. To promote high-quality development, the meeting called for stronger regulation, including cost surveys and price monitoring. The goal is to establish a long-term mechanism for regulated competition, ensuring a healthy market environment.
Additionally, the council reviewed issues identified in the audit of the 2024 central budget and other fiscal revenues and expenditures, discussing preliminary rectification measures. They also approved a draft regulation on the entry and exit of foreigners, aiming to streamline processes and enhance international cooperation.
