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【西街观察】金融“反内卷”反的是劣质低价竞争
Bei Jing Shang Bao·2025-07-30 14:40

Core Viewpoint - The financial industry is experiencing a wave of "anti-involution," prompting reflection on unhealthy competition practices that undermine market integrity [2][3]. Group 1: Industry Practices - Regions like Guangdong and Ningxia are promoting "anti-involution" through self-regulatory agreements to address malicious competition in the financial sector [2]. - Banks have engaged in practices such as high-interest deposits and excessive rebates on loans to capture market share, often at the expense of profitability [2]. - The insurance sector has faced intense competition focused solely on yield, leading to chaotic commission structures and risks associated with fee discrepancies [2]. - Brokerage firms are also involved in price wars, with bond underwriting fees dropping to as low as 700 yuan, prompting regulatory investigations into these practices [2][3]. Group 2: Consequences of Malicious Competition - The prevalence of low-price strategies and rebates is damaging the health of the financial ecosystem, necessitating a rejection of "poor quality low prices" [2][3]. - Short-term gains from such practices may lead to market share increases but ultimately deplete industry profits and degrade service quality, risking long-term sustainability [2][3]. - The "prisoner's dilemma" in the industry results in a scenario where compliance-oriented institutions struggle to compete with low-cost disruptors, leading to a loss of focus on value [3]. Group 3: Regulatory and Institutional Responses - There is a need for regulatory intervention to shift the focus from zero-sum competition to cooperative strategies, enhancing the industry's innovation and quality [3]. - Strengthening regulations against "low-price dumping" and "false advertising" is essential, alongside establishing clear service standards and improving information disclosure [3]. - Financial institutions should refocus their competitive strategies from price wars to value-based competition, emphasizing quality service and professional capabilities [4]. Group 4: Future Directions - The industry must embrace a "quality over price" philosophy, where consumers are willing to pay for professional services, allowing financial institutions to escape the cycle of involution [4]. - The essence of financial services lies in risk identification, resource allocation, and wealth management, which should not be compromised by low-price strategies [3][4]. - Upholding the principle of rejecting poor quality low prices is crucial for maintaining the industry's integrity and protecting consumers' long-term interests [4].