Group 1: Economic Context - The revision of the Price Law is the first major overhaul in 27 years, addressing the "increase in production without an increase in profit" dilemma and inward competition[4] - China's Producer Price Index (PPI) has experienced negative growth for 33 consecutive months, with a year-on-year decline of 3.6% in June 2025, marking a new low in this negative growth cycle[5][6] - Industrial value-added increased by 6.4% year-on-year in the first half of 2025, yet industrial profits fell by 1.8% year-on-year, highlighting the paradox of "increased production without increased profits"[5] Group 2: Legislative Changes - The Price Law revision expands the definition of "below-cost pricing" to include digital economy practices, enhancing the legal framework against unfair competition[5][13] - The revision raises the maximum penalty for violations from 5,000 yuan to 50,000 yuan, significantly increasing the deterrent effect on large enterprises[15] - New provisions specifically target algorithmic manipulation and hidden fees in the digital economy, marking a significant regulatory advancement[15] Group 3: Market Implications - The revision is expected to accelerate industry differentiation, pushing out non-compliant capacities and enhancing the competitive environment for compliant firms[16] - The anticipated recovery of PPI and profit margins may lead to a shift in capital market dynamics, with funds reallocating from defensive sectors to cyclical and "anti-involution" sectors[18] - The long-term goal of the Price Law revision is to transition the economy from a "price war" to an "innovation-driven" growth model, fostering sustainable economic development[18]
《价格法》修正破解“增产不增利”困局:“反内卷”法治化工具
Lian He Zi Xin·2025-08-07 06:33