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Investing.com -- China’s cabinet has announced a series of measures aimed at boosting domestic consumption and regulating competition in the electric vehicle industry, according to state broadcaster CCTV.
During a meeting held on Wednesday, the cabinet listened to a report on competition in the EV industry and pledged to implement policies to regulate the auto sector, specifically targeting what it described as "irrational competition" among electric vehicle manufacturers.
The cabinet stated it would urge major automotive companies to fulfill their payment commitments and called for strengthened industry self-discipline.
Beyond the automotive sector, officials committed to deepening the implementation of special initiatives designed to boost consumption across the economy. The plan includes systematically removing "unreasonable restrictions" that currently hinder household spending.
The cabinet also announced intentions to optimize policies for trade-in of consumer goods to better meet residents’ consumption needs, while expanding diversified supply and fostering the growth of "new quality productive forces."
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