China’s blue-chip CSI300 Index rose 0.5% by the lunch break, while the Shanghai Composite Index gained 0.3%.

Hong Kong benchmark Hang Seng was up 0.7%.

The CSI 300 Index has gained 1% so far this week, and on track to log a fourth straight weekly rise, while the Hang Seng Index advanced 2.2%.

China’s top leaders pledged to step up regulation of aggressive price-cutting by Chinese companies, as the world’s second-biggest economy struggles to shake off persistent deflationary pressures.

UBS analysts expect China to intensify its campaign against ‘involution’ competition over the coming quarters.

“However, the path ahead may be more complex than the 2015-2016 cycle, when state-owned enterprises led capacity cuts with clearer top-down coordination,” the analysts said.

China’s cabinet vowed on Wednesday to rein in what it described as “irrational” competition in the electric vehicle (EV) sector, pledging to step up cost investigations and enhance price monitoring.

EV maker Li Auto has climbed 12% so far this week, set for its biggest weekly gain since February.

The CSI rare-earth index jumped 3.6% today, with Northen Rare Earth Group up nearly 9%.

Tech majors traded in Hong Kong rebounded more than 4% this week, partly buoyed by optimism after Nvidia said it would ramp up supply of Chinese-compliant H20 chips in the coming months and look to bring more advanced semiconductors to the world’s second-largest technology market.

China’s commerce minister Wang Wentao said that he met with Nvidia CEO Jensen Huang in Beijing yesterday, but did not provide any details about what was discussed at their meeting.

Shares of Alibaba rose 2.2% and were up nearly 10% this week.