China’s Economic Planner NDRC Holds Meeting with 6 Private Firms, Including Nio

NDRC Engages with Private Firms, Including Nio, for Economic Insights

(Image credit: Auto in China)

China’s National Development and Reform Commission (NDRC) recently held meetings with several private companies, including Nio, to seek their advice on revitalizing the country’s private sector.

Deputy Director Cong Liang led a meeting with six private manufacturing companies, namely Hengrui Medicine, Zhejiang NHU, Nio, Anta, TCL, and Jingye Group, during which he listened to their real concerns and suggestions about the current economic situation.

Another Deputy Director, Zhao Chenxin, visited Shenzhen Das Intellitech, Huawei Songshan Lake industrial base, and Guangzhou Baiyun Electric Equipment to understand the challenges these companies face in promoting energy-saving and carbon-reducing technologies and services, as well as the digital transformation of the energy sector. He also listened to their suggestions.

The NDRC aims to gain insights from private entrepreneurs and study the issues and suggestions raised by these companies.

In a briefing on July 20, the NDRC announced the establishment of a regular communication mechanism with private enterprises to enhance dialogue.

The recent Political Bureau meeting of the Communist Party of China Central Committee acknowledged new challenges in China’s economy, including a lack of domestic demand, operational difficulties for some enterprises, increased risks in key areas, and a complex external environment.

The Political Bureau emphasized the need to expand domestic demand actively, boost consumption of automobiles, electronic products, household goods, and promote services like sports, leisure, culture, and tourism.

This announcement has spurred investor optimism, leading to a rise in the shares of US-listed Chinese companies, including Nio, which experienced a more than 10 percent increase.

As China continues to foster stronger relations between its private sector and regulatory authorities, it is expected that its economic growth will show resilience and strength in the face of various challenges, fostering a positive environment for the export of Chinese automobiles, including electric vehicles, to international markets.