China will enhance business regulation over reckless and low-price competitions to curb rat-race competitions that have been plaguing some of its industries, the National Development and Reform Committee announced.
Wang Changlin, deputy director of the Committee, made the statement at Tuesday's press briefing on implementing the guiding principles from the Central Economic Work Conference and laying the foundation for making a good start in implementing the 15th Five-Year Plan (2026-2030).
"We will further refine local investment promotion efforts, strengthen pricing oversight in key industries, and regulate low-price disorderly competition among enterprises in accordance with laws and regulations. We aim to foster a market order characterized by high-quality products getting higher prices and healthy competition. We will also dedicate to enhancing product quality and building brands to curb rat-race competition," he said.
China to enhance regulation in addressing rat race competition: official
China to enhance regulation in addressing rat race competition: official
China will formulate and release an implementation plan this year for its strategy to expand domestic demand for the 2026-2030 period, Wang Changlin, deputy head of the National Development and Reform Commission (NDRC), told a press conference on Tuesday.
The move is in response to the conclusion last December by the Central Economic Work Conference that there is a contradiction of strong supply and weak demand within the country’s economy.
"We will continue to focus our macroeconomic policies on strengthening the domestic economy and expanding domestic demand in all aspects. The key is to adapt to the trend of demand structure upgrading and, in conjunction with the needs of the new round of sci-tech revolution and industrial transformation, this year we will formulate an implementation plan for the strategy of expanding domestic demand for the 2026-2030 period. This is expected to provide innovative measures and guarantees for new supply driven by new demand and new demand created by new supply, striving to achieve mutual promotion of supply and demand and a cyclical upgrade," said Wang.
Wang noted that China will stick to intelligent, green and integrated development, promote the upgrading of key industries, vigorously cultivate and expand emerging and future industries, and support the integration of artificial intelligence (AI) and other industries.
China will also focus on the in-depth construction of a unified national market, Wang added.
"We'll refine mechanisms of market access system, fair competition, and [outdated] production facilities elimination, strengthen production regulation, and actively resolve the temporary contradiction of oversupply," Wang said.
China to formulate plan on expanding domestic demand for 2026-2030
