Pay Binfeng, China Association of Automobile Manufacturers: Moving towards a new stage of stock competition, we must adhere to long-termism

On July 22, the Executive Vice President and Secretary General of the China Association of Automobile Manufacturers, Fu Bingfeng, stated at the 2026 China Automobile Forum that the new problems and challenges exposed during the transformation of the automotive industry have become urgent issues that the industry needs to break through in the new era. Firstly, market competition is intensifying and industrial issues are becoming more prominent. Currently, the growth space of the domestic automobile market is narrowing, moving towards a new stage of stock competition. Enterprises need to hold on to the bottom line, return to rationality, and achieve high-quality and healthy development. Secondly, the governance system and mechanism urgently need further improvement to promote the industry to achieve sustainable development. Thirdly, there are still certain weaknesses and breakpoints in the industry supply chain, including insufficient independent controllable capabilities in core technology, high dependence on upstream key mineral resources from abroad, etc. Fourthly, globalization still faces many challenges. Looking ahead, Fu Bingfeng stated that the automotive industry should adhere to long-termism and achieve comprehensive upgrades in areas such as technological innovation, green transformation, globalization, and modernization of the governance system.