President Xi Jinping said Beijing will tighten oversight of government procurement and bidding to bolster fairness and transparency, while pledging to “govern” disorderly cut-price competition that has weighed on corporate margins. Xi also promised additional help for companies seeking to expand domestic sales, part of a broader effort to stabilise growth as the economy digests a 145% US tariff on Chinese goods that took effect in April. Regulators are simultaneously steering more private capital into strategic industries. The finance ministry and the banking and insurance watchdog urged commercial insurers to channel funds into the development of home-grown medicines, complementing guidance from other agencies that encourages companies to raise spending on innovative drug research. Underscoring the policy push, the National Natural Science Foundation of China launched the Private Enterprise Innovation and Development Joint Fund. The programme lets private firms identify priority research challenges and pairs them with top scientists, initially partnering with Hengrui Pharmaceuticals, Mindray Bio-Medical, Singclean Medical and Qilu Pharmaceutical. Officials said the fund will concentrate resources on basic and applied research to speed breakthroughs in biotech and other high-tech fields.