BEIJING -- Chinese authorities on Friday held a meeting with new energy vehicle (NEV) industry players on regulating market competition.

The meeting was held by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation. It urged efforts to promote lawful, fair, honest, proper and well-ordered competition in the sector.

The country will implement measures to monitor product pricing, conduct product conformity inspections, and shorten payment terms for suppliers, according to a statement issued after the meeting.

Authorities also pledged to fast-track industry standards for NEV power consumption limits and battery recycling safety, which they said would be aligned with the establishment of regular communication channels to solicit suggestions from and address the concerns of NEV manufacturers.