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中国消费通缩“日本化”?
日经中文网·2025-08-25 08:00

Group 1 - The GDP deflator in China decreased by 1.3% from April to June compared to the same period last year, marking the longest decline in history for nine consecutive quarters, indicating significant deflationary pressure [2][5][7] - The phenomenon of excessive price reductions is becoming increasingly evident, with free products being offered on food delivery apps and luxury goods experiencing price drops [2][4] - The competitive landscape in the food delivery industry is intensifying, with major players like Meituan and Alibaba's Ele.me engaged in aggressive price wars, leading to substantial investments in discounting strategies [4][5] Group 2 - The Chinese government is responding to the crisis by addressing the issue of excessive price competition, with the State Administration for Market Regulation holding discussions with major companies to correct their pricing strategies [4][5] - The overall revenue growth in the restaurant industry was only 1.1% year-on-year in July, reflecting a broader trend of consumer frugality impacting various sectors [5][6] - The decline in demand is also affecting luxury goods, with high-end products being sold at significant discounts, as the government has implemented regulations to promote frugality among officials [5][6]