China vows to regulate 'irrational' competition in EV industry
on Wednesday pledged to regulate what it called "irrational" competition in the country's electric vehicle industry, vowing to strengthen cost investigation and price monitoring, according to state broadcaster CCTV.
The cabinet meeting, presided by Chinese Premier Li Qiang, was held as a two-year price war in the world's largest auto market only intensifies.
China will focus on promoting the high-quality development of the electric vehicle industry and implement comprehensive measures in both the short- and long-term to address the "phenomenon of irrational competition" in the sector, CCTV quoted the cabinet as saying, without giving further details.
The cabinet will also urge the main automakers to fulfil commitments on supplier payment terms and promised to help them boost competitiveness through technological innovation and quality improvement.
Industry regulators and executives have previously warned of excessive competition and called on automakers to halt the bruising price war which they say threatens the sector's health and sustainable development.
Concerns about oversupply persist, with new vehicles being shipped overseas as "used" since 2019, according to a Reuters report in late June.
Separately, the cabinet meeting discussed boosting domestic consumption, with policymakers vowing to systematically remove unreasonable restrictions that hinder household spending and optimise policies for a consumer goods trade-in program.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
2 minutes ago
- First Post
Epstein prosecutor Maurene Comey, daughter of James Comey, fired by US justice department
Maurene Comey, a federal prosecutor known for handling major cases involving Jeffrey Epstein associate Ghislaine Maxwell and music mogul Sean 'Diddy' Combs, has been fired by the US Justice Department read more The US Justice Department has dismissed Maurene Comey, daughter of former FBI Director James Comey, Reuters reported citing two sources familiar with the matter. Maurene served as a federal prosecutor in high-profile cases involving Jeffrey Epstein associate Ghislaine Maxwell and music mogul Sean 'Diddy' Combs. Her father, James Comey, was fired by then-President Donald Trump during his first term. Comey, along with former CIA Director John Brennan, is now under investigation. Trump has repeatedly criticized both men for their roles in the probes into alleged Russian interference in the 2016 US election, which Trump won. STORY CONTINUES BELOW THIS AD Maurene Comey, who served as an assistant US attorney in Manhattan, was fired without being given a reason, according to two sources. They said she received a memo referencing the president's authority to dismiss employees under Article 2 of the US Constitution. Comey had previously led the successful prosecution of Ghislaine Maxwell, the British socialite and associate of Jeffrey Epstein. Maxwell was sentenced to 20 years in prison in 2022 for helping Epstein sexually abuse underage girls.
&w=3840&q=100)
First Post
2 minutes ago
- First Post
Germany's Merz makes his first visit to the UK amid warming post-Brexit ties
The visit is Merz's first to the UK as chancellor, although he has already met Starmer several times, including on a trip to Ukraine just days after he took office in early May. read more UK Prime Minister Keir Starmer meets with France's President Emmanuel Macron and Germany's Chancellor Friedrich Merz on board a train to the Ukrainian capital Kyiv where all three held meetings with Ukrainian President Volodymyr Zelensky, May 9, 2025. File Photo: Reuters German Chancellor Friedrich Merz will travel to London Thursday to sign a 'friendship treaty' with Prime Minister Keir Starmer, as Britain seeks to improve post-Brexit ties with its neighbours. They will also discuss continued support for Ukraine, with both London and Berlin expected to play a role in US President Donald Trump's plan to send weapons to Kyiv with financing from other NATO countries. The visit is Merz's first to the UK as chancellor, although he has already met Starmer several times, including on a trip to Ukraine just days after he took office in early May. STORY CONTINUES BELOW THIS AD Merz's trip comes a week after a state visit to Britain by French President Emmanuel Macron, the first by an EU head of state since the UK left the bloc five years ago. The wide-ranging new treaty between Germany and Britain will refer to the turbulent security situation that both countries face and include a mutual defence pact. 'There is no strategic threat to one which would not be a strategic threat to the other,' the text is expected to say, alongside a pledge that the two countries 'shall assist one another, including by military means, in case of an armed attack'. While Britain and Germany already have a commitment to mutual defence as NATO members, the treaty is expected to pave the way for greater defence cooperation, including in weapons development and operations on NATO's eastern flank. The two countries already signed a landmark defence agreement in October and in May said they would begin developing strike missiles with a range of 2,000-plus kilometres (1,250 miles). Merz and Starmer are set to announce Thursday that this system will be delivered within the next decade, and they will unveil a new agreement on boosting UK defence exports to Germany such as Boxer armoured vehicles and Typhoon jets. STORY CONTINUES BELOW THIS AD Overcoming Brexit 'trauma' German Foreign Minister Johann Wadephul will accompany Merz on the visit and is expected to meet his British counterpart David Lammy. A German government source said of the visit that 'we shouldn't underestimate' how much relations with the UK had improved since the 'traumatic' experience of Brexit. The treaty will include measures to improve citizens' contacts between the two countries, for example by simplifying border procedures for school trips. The two leaders are also set to commit to doing more to tackle irregular migration, a key domestic priority for both Merz and Starmer. Merz's government is expected to make a commitment to modify German law by the end of the year to criminalise the facilitation of 'illegal migration'. This will include action against storage facilities used by migrant smugglers to conceal small boats intended for Channel crossings. The text will also include sections on science and technology, with more cooperation promised in strategic sectors such as artificial intelligence. It will also establish a new UK-Germany Business Forum, with several German companies poised to announce new investment in Britain on Thursday. STORY CONTINUES BELOW THIS AD On the topic of transport, the two countries will commit to improving train connections. Last month Eurostar said it planned to launch a new route from London to Frankfurt in the early 2030s, which would be the first such direct connection between the UK and Germany.
Mint
2 minutes ago
- Mint
Banks boost Australia shares; Trump eases Fed Chair fears
July 17 (Reuters) - Australian shares gained on Thursday, led by a rise in financials, while investor sentiment improved after U.S. President Donald Trump said he was "highly unlikely" to fire Federal Reserve chair Jerome Powell. The S&P/ASX 200 index added 0.5% to 8,602.2 points by 0038 GMT. The benchmark had dipped 0.8% on Wednesday. Markets were roiled by fears that Trump might try to remove Powell, but the turmoil subsided after the U.S. president said he was "highly unlikely" to fire the central bank chief. On the local bourse, financial stocks led the advance, climbing 0.5%, with the country's "Big Four" banks gaining between 0.3% and 1%. Heavyweight miners added 0.2% as iron ore prices were helped by strengthening ties between top producer Australia and leading consumer China. The world's largest listed miner, BHP Group, rose 0.2%, while Rio Tinto and Fortescue traded 1.2% and 0.8% higher, respectively. Energy stocks drifted within a narrow range, in tandem with Santos. The country's second-largest gas producer reported a more than 2% decline in its second-quarter sales revenue, pressured by weaker oil and gas prices, though higher volumes were recorded as domestic gas sales remained robust. Shares of the company rose 0.1%. Technology stocks firmed 0.5%, tracking gains in Wall Street peers. Sector major Xero added more than 0.7%. Meanwhile, gold stocks fell 0.2%, reversing Wednesday's gains, as bullion prices trimmed gains after Trump said he wasn't planning to fire the Fed Chair. New Zealand's benchmark S&P/NZX 50 index rose more than 1% to 12,894.2 points. (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sumana Nandy)
