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Annual production, sales of new energy vehicles to vastly increase by 2035

Another round of working-level dialogue will reportedly be held next week to finalize the establishment of hotline.

Another challenge is to find the right balance between government intervention and letting markets play a decisive role. Substantial progress has been made over the past two years; for instance, with reducing excess industrial capacity and the housing overhang, and government intervention played a critical role here. However, it is also broadly accepted that well-regulated and competitive markets are critical for increasing economic efficiency and productivity. This is exactly what China needs to achieve a high-income economy in the coming years.

Another mission for the PBOC, Ming said, is to drive the interest rate of corporate loans closer to the fund rate that banks borrow from each other, also known as the interbank lending rate. That means the one-year LPR this month may be at a lower level than in August.

Anything left unsold at the end of the day had to be carried back along the same paths.