中金：完善定价正当时——《价格法》修订草案解读

Core Viewpoint - The draft amendment to the Price Law aims to regulate market pricing order and provide legal grounds for addressing "involutionary" competition, particularly through the establishment of standards for identifying predatory pricing and enhancing cost supervision [1][2][3]. Group 1: Regulating Market Pricing Order - The amendment emphasizes the need to improve standards for identifying predatory pricing, stating that operators must not engage in below-cost pricing to eliminate competitors or monopolize the market [2][3]. - Cost supervision is highlighted as a key focus, with legal responsibilities outlined for operators who refuse or provide false information during cost audits [2][3]. - The macro root cause of "involutionary" competition is identified as strong supply and weak demand, with the need for market-oriented and legal approaches to regulation [3][4]. Group 2: Legal Basis for Addressing Price Wars - The draft provides a legal foundation for preventing below-cost sales, which is crucial for addressing the issue of "involution" in various industries, particularly those with high marketization and significant employment impact [3][4]. - Recent legal regulations, such as the implementation of the Fair Competition Review Regulations and the revision of the Anti-Unfair Competition Law, support the framework for combating predatory pricing [3][4][5][6][7]. Group 3: Government Pricing Mechanism - The draft proposes a shift from fixed pricing levels to a more flexible pricing mechanism, allowing for cost-linked adjustments and periodic reviews [5]. - Enhanced price cost supervision is mandated, requiring verification of the authenticity of operators' costs and the elimination of unreasonable expenses [5]. - The government pricing mechanism is expected to better reflect market supply and demand, particularly in public utilities and natural monopoly sectors [5].