As part of an initiative to enhance its economic prowess, China is strategizing its auto-exports to grow its global consumer market share and increase the country’s diplomatic influence.

On Tuesday, Sept. 24, 2024, China announced that its central bank, the People’s Bank of China, will cut its seven-day interest rate from 1.7% to 1.5%. The rate cut, along with a 1 trillion yuan liquid injection, aims to boost their economy that was affected by the COVID-19 pandemic.