中国“反内卷”正重塑市场

Core Viewpoint - The newly revised Anti-Unfair Competition Law in China aims to address "involution" competition, which has led to unhealthy market practices and is expected to reshape industry dynamics [1][5][7] Group 1: Policy Implementation - The revised Anti-Unfair Competition Law officially took effect on October 15, marking a significant step in regulating "involution" competition [1] - Since the beginning of the year, China has introduced multiple policies targeting "involution" [2] - The 20th Central Financial Committee emphasized the need to rectify low-price and disorderly competition, particularly in industries like solar energy and automotive [3] Group 2: Industry Impact - The "involution" competition has disrupted market order, leading to reduced product quality and stifled innovation, ultimately affecting industry growth [3][4] - The new law includes provisions for data rights protection and prohibits platforms from forcing merchants to sell below cost, aiming to restore fair competition [5] - As a result of ongoing "anti-involution" measures, industrial profits showed a significant recovery, with a 20.4% increase in August compared to a 1.5% decline in July [6] Group 3: Future Outlook - The "anti-involution" measures are expected to lead to a more stable market environment, with industries like automotive moving towards reduced price wars and more balanced promotions [6] - The restructuring of competition in the photovoltaic sector is anticipated, with significant reductions in capital expenditures and production among leading companies [6] - The enforcement of the new law requires collaboration among administrative, judicial, and industry organizations to create a comprehensive governance system [7]