China’s top regulator of the manufacturing sector has vowed to phase out outdated capacity amid Beijing’s efforts to combat excessive competition, while promoting hi-tech consumer goods as part of a broader push to revive domestic demand.
The Ministry of Industry and Information Technology (MIIT) said at a meeting of senior officials on Monday that it would “consolidate the results of a sweeping crackdown on ‘neijuan’ competition in the electric vehicle sector and tighten oversight of key industries such as solar power”.
“[We will] use upgraded standards to force out outdated production capacity,” the ministry said in a readout on its official website, adding that it would strengthen the mandatory national standards in the industrial and information technology sectors.
Meanwhile, China’s State Administration for Market Regulation also pledged during a two-day meeting from Sunday to Monday that it would “regulate enterprises’ low-quality, cut-price competition in accordance with laws and regulations”.
