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“反内卷”不会推动物价普遍上涨
Jing Ji Ri Bao·2025-08-14 22:09

Group 1 - The essence of the "anti-involution" policy is "correction" rather than "stimulation," aiming to reshape the logic of industrial competition [1][5] - The impact of the "anti-involution" policy on prices is structural and mild, with the key variables for future price trends being the strength of demand recovery and the pace of policy coordination [1][5] - The "anti-involution" policy has led to improvements in supply-demand relationships in certain industries, resulting in positive changes in pricing [2] Group 2 - Since the beginning of the year, signals of the "anti-involution" policy have been continuously reinforced, with various measures taken to address "involution-style" competition [2] - The revised Anti-Unfair Competition Law prohibits selling goods below cost, providing a legal basis for combating "involution-style" competition [2] - The Producer Price Index (PPI) in July remained at a low of -3.6% year-on-year, but the month-on-month decline has narrowed, indicating some stabilization in industrial prices [3][4] Group 3 - The Consumer Price Index (CPI) remains weak overall, but the core CPI has rebounded for three consecutive months, benefiting from reduced price wars in the automotive and home appliance sectors [3] - The improvement in PPI is primarily concentrated in upstream raw materials and industrial products, which have a low direct correlation with consumer spending [4] - The transmission mechanism from PPI to CPI remains ineffective, as insufficient terminal consumer demand limits companies' pricing power [4]