in Nanyang. My new incentive mechanism for cars will be implemented next year. The government will promote the purchase of domestic steel by automobile companies.
Next year, the government will implement a new vehicle customization incentive (NCM) mechanism, which will require car manufacturers to increase the rate of local purchases in order to benefit from lower local taxes. This will promote the use of domestic steel in the automotive industry and open up new markets for the steel industry, which has long been dealing with import impacts and price wars.