Hong Kong’s EV shares jumped on Tuesday. NIO soars 7.5%; XPeng, Leapmotor rise 5%.

As China’s political elite gathered for the annual National People’s Congress in Beijing last week, auto executives offered a range of ambitious policy proposals aimed at propelling the industry into the next era of smart mobility.

From flying cars to AI-controlled vehicles and revamped regulatory frameworks, the common thread was clear: cementing China’s position as a global powerhouse in the future of transportation.

A consensus emerged among industry leaders: artificial intelligence and autonomous driving are no longer futuristic concepts but strategic imperatives. Xiaomi Corp. founder and Chief Executive Officer Lei Jun, who has led the smartphone maker’s successful push into electric cars, advocated for AI standards system and stricter regulations on AI-generated deepfakes.

The push for autonomous driving was equally pronounced by Lei and Xpeng Inc. CEO He Xiaopeng, with calls for accelerated nationwide testing, clearer regulatory guidelines, and even dedicated insurance products.