Chinese Premier Li Qiang has unveiled new measures to strengthen domestic economic circulation and regulate the rapidly growing new energy vehicle (NEV) sector during a pivotal State Council meeting this week. The moves signal Beijing’s dual focus on stabilizing internal demand while fostering sustainable growth in strategic industries.
Boosting Consumption, Curbing Market Distortions
The meeting emphasized expanding consumer trade-in programs and diversifying services to meet evolving household needs. Officials also prioritized investments in “new quality productive forces” – a term reflecting China’s push for tech-driven industrial upgrades – to unlock domestic demand potential.
NEV Sector Overhaul
With China accounting for 60% of global NEV sales, the government plans stricter market oversight to prevent cutthroat competition. Measures include enhanced price monitoring, cost analysis frameworks, and long-term competition management mechanisms to ensure sector stability.
Fiscal Accountability, Immigration Updates
The council reviewed progress on rectifying 2024 central budget implementation issues and approved draft regulations streamlining foreign nationals’ entry-exit procedures – a move likely to facilitate business exchanges.
These developments come as China navigates economic headwinds while maintaining its position as Asia’s largest automotive market and manufacturing hub.
