China's Drive to Curb Auto Market Competition Heats Up

China's commerce ministry announced plans on Thursday to collaborate with other government departments to tackle the issue of excessive competition within the auto market. The ministry is focusing on strengthening compliance guidance to ensure fair market play and promote healthier industry development, according to ministry spokesperson He Yongqian.

The ministry recently organized a meeting with auto industry associations, research institutions, and companies, though details were sparse. Notably, major players like BYD and Dongfeng Motor attended a meeting last week to consider strategies for boosting sales of unused 'used cars,' according to a Reuters report.

Meanwhile, the industry ministry and the China Association of Auto Manufacturers have called for a halt to aggressive price wars that they claim are detrimental to the industry.

(With inputs from agencies.)