速递丨监管机构已要求拼多多调整“仅退款”政策，称为小型商家带来了不公平的负担

Core Viewpoint - The Chinese market regulatory authorities have summoned Pinduoduo executives to address the "refund without return" policy, which has led to dissatisfaction among merchants and is perceived as unfairly burdening small businesses [2][6]. Group 1: Regulatory Actions - The State Administration for Market Regulation and the Ministry of Commerce have requested Pinduoduo to rectify its "refund without return" policy due to complaints from merchants [2]. - A recent investigation initiated by the E-commerce Research Center aims to assess the impact of the "refund without return" policy on platforms, merchants, and consumers, with findings to be reported to various government departments [5]. Group 2: Impact on Pinduoduo and Temu - Pinduoduo's "refund without return" policy, which allows consumers to request full refunds without returning items, has been a double-edged sword, helping the platform grow rapidly but also leading to significant merchant protests [6]. - Temu, Pinduoduo's international platform, has gained traction in global markets but faces risks of losing its merchant base in China due to dissatisfaction with the current policies [7]. Group 3: Industry Reactions - Other platforms have begun to tighten their refund policies in response to increasing merchant resistance, indicating a shift in the e-commerce landscape [7]. - Competitors like JD.com and Alibaba are reassessing their low-price strategies, with JD.com's CEO publicly criticizing the negative effects of excessive price competition on quality and consumer trust [7].