(Yicai) May 20 -- China is accelerating the rollout of measures aimed at stabilizing the economy and employment, advancing high-quality development, and curbing cutthroat competition, with most policies expected to take effect by the end of next month, according to an official at the country’s top planner.

The National Development and Reform Commission will continue to improve its policy toolbox to steady the economy and employment and ensure that necessary measures can be promptly introduced and implemented when needed, NDRC spokesperson Li Chao said at a press conference today.

Regarding the matter of cutthroat competition, often referred to in Chinese as ‘neijuan,’ meaning involution, Li noted that as traditional industries in China accelerate their transformation and upgrading, some sectors have developed structural issues, leading to extreme and unfair competition and distorted market mechanisms. This situation must be addressed and rectified, he noted.

The revision and expansion of the Catalogue of Encouraged Industries for Foreign Investment has completed the public consultation stage and are is now being revised and improved based on the feedback, Li said. The updated catalog will fully reflect high-end manufacturing, the digital economy, and other areas.

Due to the arbitrary imposition of excessively high tariffs by the United States and other similar actions, global cross-border investment has become much more uncertain, affecting the decision-making of many multinational corporations, Li pointed out.

But China will remain a welcoming and fertile ground for foreign firms and it calls on countries to return to the correct path of multilateralism and free trade as soon as possible, he added.

The NDRC will work with other government departments to expand the real-world situations for the low-altitude economy in a gradual and orderly manner under the premise of strictly controlling  risks and ensuring safety, Li said. The authorities will also crack down on illegal activities, such as unlicensed pilots, low-altitude aircraft operating without airworthiness certificates, and unapproved flight activities, he added.

Li also noted that China’s Private Economy Promotion Law came into effect today, adding that the NDRC will publicize the legislation, help to implement its supportive policy measures, and address the concern of private businesses.

Editor: Futura Costaglione