蒋飞：反内卷与市场化改革

Core Viewpoint - A new round of "anti-involution" actions is being prepared, viewed by the market as "Supply-Side Reform 2.0" due to overcapacity issues and government intervention being a key driver for this initiative [1][3] Group 1: Market and Government Relationship - The core of economic system reform is to manage the relationship between government and market, emphasizing reduced direct government resource allocation and maximizing efficiency through market rules [5] - The solar photovoltaic (PV) industry has faced severe overcapacity and chaotic competition, with significant government support leading to excessive investments in this sector [5][6] - The government has previously recognized the need for market mechanisms to drive structural adjustments and eliminate inferior enterprises in the PV industry [7] Group 2: Market Exit Mechanism - The fundamental issue causing the current "anti-involution" is overcapacity, with a shift in consumer demand from goods to services, leading to an imbalance in investment and consumption [8] - The competitive market environment will naturally lead to larger enterprises absorbing smaller ones and unprofitable firms exiting the market through market-driven mechanisms such as price reductions and mergers [8][9] - The market dynamics suggest that if high-cost firms do not exit, it can lead to widespread losses across the industry, highlighting the need for a structured exit mechanism [10][11] Group 3: Policy Implications - The current "anti-involution" initiative is not merely about eliminating outdated capacity but represents a comprehensive market-oriented reform across all investment and financing stages [12] - The focus is on ensuring that market prices guide resource allocation, which is essential for reducing overcapacity and preventing involution [12]