Polish central bank board member Kotecki said the economy is accelerating; data show conditions are very strong and have not translated into inflationary pressure.

ChiNext Index widened afternoon losses to 4%, at 3,403.74; Shanghai Composite down 0.92%, Shenzhen Composite down 2.81%.

Xiaomi founder, chairman and CEO Lei Jun said China’s auto industry is moving upscale but the domestic high-end market is currently in a product supply gap and the luxury segment is being restructured. He said China achieved domestic substitution for most components 10–20 years ago and that remaining differences are matters of design and manufacturing quality. In mid-to-high-end vehicles, in-vehicle chips, vehicle operating systems and carbon-ceramic brake discs are entering a domestic-substitution phase. Lei expects this transition will take 5–10 years and said companies like Xiaomi must act as lead suppliers to help build a domestic high-end parts ecosystem. He added that while China’s auto sector is highly competitive with mature low- and mid-end offerings, quality supply for mid- and high-end products is lacking and the industry must develop distinctive mid-to-ultra-high-end models.