金融大家评 | 白重恩：“内卷式”竞争怎么看、怎么治

Core Viewpoint - "Involution" competition is identified as an inefficient and unfair competition that hinders high-quality economic development in China, necessitating comprehensive rectification efforts by the government [2]. Group 1: Definition and Impact of "Involution" Competition - "Involution" competition refers to a phenomenon where competitors in a non-monopolistic industry engage in price-cutting, leading to widespread profit losses among most companies, and even causing some to incur losses [3]. - The harms of "involution" competition include: - Deterioration of financial health for many companies, threatening their survival and affecting employee confidence, which in turn impacts consumption and may lead to financial risks [3]. - Damage to innovation capabilities and motivation due to poor financial conditions, which hinder support for innovation and reduce future innovation drive [4]. - Pressure on upstream suppliers, leading to price reductions and long-term debts [5]. - Threats to industry stability, as widespread profit losses can jeopardize the survival of many companies within the industry [5]. - Negative impacts on overall tax revenue, as the exit of failing companies affects local tax income [5]. - Lowered export prices due to price competition, which can reduce export income and provoke negative reactions from other countries [5]. Group 2: Causes of "Involution" Competition - The formation of "involution" competition is attributed to several factors: - Low product differentiation among competitors, low switching costs for consumers, and excessive industry capacity relative to demand [6]. - Insufficient innovation and inadequate protection of intellectual property rights exacerbate product homogeneity, leading to over-competition [6]. - Non-market factors influencing capacity adjustments, such as local government interventions that prevent companies from exiting the market despite losses [7]. - Early-stage competition for market share before a stable competitive landscape is established can also lead to "involution" competition [7]. Group 3: Strategies for Addressing "Involution" Competition - To effectively address "involution" competition, it is essential to: - Recognize the imbalance between supply and demand, and work on expanding domestic demand while considering both short-term and long-term effects of policies [9]. - Control supply by blocking sources of excessive capacity and alleviating existing "involution" to minimize losses [10]. - Encourage reasonable mergers and acquisitions to stabilize competition within industries and promote orderly competition [11]. - Emphasize the importance of a correct performance view among government officials, focusing on sustainable development to reduce inefficient investments that lead to overcapacity [11].