Core Viewpoint - The competition among food delivery platforms in China is cooling down following regulatory interventions, but the underlying issue of "involution" in competition remains a concern [1][2]. Group 1: Impact of Subsidy Wars - The recent subsidy wars led to a significant increase in order volume, but delivery riders reported heightened stress and physical exhaustion due to the intense workload [1]. - A mid-tier fast-food company's management noted a 12%-15% decline in dine-in customer traffic due to subsidies, with the proportion of delivery orders rising from 15% to 22% [1]. - Platforms are pressuring merchants to offer additional discounts, resulting in losses of approximately 8 RMB per order for some businesses, which could jeopardize the financial stability of small and medium-sized restaurants in the long term [1]. Group 2: Market Dynamics and Competition - Experts argue that excessive competition and "involution" harm market efficiency and fairness, with subsidies failing to cultivate genuine user habits or expand overall market size [2]. - The "Matthew effect" may be accelerated by subsidy wars, where financially strong platforms dominate the market, leading to increased market concentration [2]. - The dual nature of "involution" in platform economies is highlighted, where platforms compete for user traffic through large subsidies, while merchants are compelled to participate in these subsidies to gain visibility [2]. Group 3: Regulatory and Strategic Recommendations - Recommendations for government regulation include flexible enforcement, such as reminders to platforms to standardize competitive behavior, and utilizing existing legal frameworks to regulate predatory pricing [3]. - Platforms are advised to avoid short-sighted subsidy competition and instead pursue differentiated development strategies by enhancing service quality and technological innovation to gain competitive advantages [3].

Group 1 - The core issue of the article revolves around the "involution" competition in the food delivery industry, highlighted by the recent discussions among major platforms like Meituan, Ele.me, and JD.com, which have committed to ending irrational promotions [1][3] - The intense competition has led to significant pressure on delivery riders and merchants, with riders experiencing increased order volumes but also physical strain, while merchants face declining dine-in traffic and increased losses per order due to platform demands for further discounts [3][4] - Experts emphasize that excessive competition harms market efficiency and fairness, with subsidies failing to cultivate user habits or expand market size, instead leading to a substitution effect between online and offline businesses [3][4] Group 2 - The phenomenon of "double involution" in platform economies is characterized by both inter-platform competition for user traffic through large subsidies and intra-platform merchants being forced to participate in subsidies to attract private traffic [4] - Recommendations for addressing involution competition include flexible regulatory approaches, such as platform reminders to standardize competitive behavior and the use of existing legal frameworks to regulate predatory pricing [4][5] - Experts suggest that platforms should shift from short-sighted subsidy competition to differentiated development strategies, focusing on service quality and technological innovation to gain competitive advantages [5]

Core Viewpoint - The article discusses the phenomenon of "involution" in various industries in China, highlighting the negative impacts of excessive price competition and the resulting decline in product quality and innovation [2][4][5]. Group 1: Involution in Various Industries - The external environment has led to severe price wars across multiple sectors, including the automotive, food delivery, and renewable energy industries, with price reductions reaching as high as 45% in the electric vehicle market [2][3]. - The food delivery platforms like Meituan and Ele.me are engaged in a subsidy war, resulting in profits for certain products, such as milk tea, dropping below 1 yuan, and in some cases, leading to negative profit margins [3][4]. - In the automotive sector, profit margins have plummeted to 3.9%, forcing companies to engage in aggressive price cuts to stimulate sales, creating a vicious cycle of declining sales and further price reductions [3][4]. Group 2: Consequences of Involution - Involution leads to a reduction in necessary operational costs, which ultimately harms research and development investments, resulting in a cycle of innovation stagnation and product homogenization [4][5]. - The excessive competition has created systemic risks, with the potential for overcapacity and a decline in industry competitiveness, ultimately harming consumer rights and high-quality development [5][6]. - The government has recognized the issue, with multiple meetings emphasizing the need to prevent "involution" and regulate low-price competition among enterprises [6][7]. Group 3: Government and Industry Response - The National Market Supervision Administration has begun addressing the issue by engaging with major platforms to regulate promotional activities and encourage rational competition [8]. - Industry self-regulation is showing positive signs, with leading automotive companies taking steps to stabilize supply chains and various associations urging food delivery platforms to cease irrational subsidies [8][9]. - The focus is shifting from price competition to value creation, with an emphasis on innovation and differentiation to enhance market competitiveness and consumer experience [9].

Group 1 - The subsidy war among food delivery platforms in China is cooling down following a joint statement from Meituan, Ele.me, and JD.com, which committed to avoiding irrational promotions after being interviewed by the State Administration for Market Regulation [1] - Delivery riders and merchants are facing pressure; while order volumes and incomes have increased in the short term, the high intensity of work is causing physical and mental strain [1] - A mid-tier fast food company's management reported a 12%-15% decline in dine-in customer flow due to delivery subsidies, with delivery orders increasing from 15% to 22% of total sales [1] Group 2 - Over-competition and "involution" in the market can harm efficiency and fairness, with subsidies failing to cultivate user habits or expand market size, primarily substituting online for offline business [2] - The subsidy war may accelerate the "Matthew effect," where financially strong platforms use extensive subsidies to squeeze out competitors, leading to increased market concentration [2] - The "double involution" in platform economics involves both competition among platforms for user traffic and merchants being forced to participate in subsidies to gain private traffic [2] Group 3 - Recommendations for government regulation include flexible enforcement, such as reminding platforms to standardize competitive behavior, and utilizing existing laws to regulate predatory pricing [3] - Platforms are advised to avoid short-sighted subsidy competition and instead pursue differentiated development paths by enhancing service quality and technological innovation to gain competitive advantages [3]

这里是民生调查局，见人所未见，调查民生之变。关注你想关注的、你没关注的，调查你想 看的、未看到的。 中新网北京8月9日电(左雨晴)"我等个奶茶等了一个多小时。"立秋这天，奶茶店爆单，奶茶店员和外卖 小哥成了热搜里"立秋第一杯奶茶的受害者"。 晚上六点，正值外卖点单的高峰期，"85后"外卖骑手赵彰(化名)同时打开美团、京东、饿了么三个平台 接单，并祈祷不同平台派送的单子尽量能在一个方向。另一边，餐饮店员面对着不断新增的外卖订单， 被外卖骑手催到崩溃。 今年以来，各平台掀起新一轮"外卖大战"。这场持续数月的"狂欢"，对平台、餐饮商家和外卖骑手，究 竟意味着什么？中国新闻网《民生调查局》进行了采访调查。 外卖骑手：每日工作超12小时 "单量明显增加"是外卖骑手最直观的感受。 "去年没有补贴的时候是限单，骑手每天限制不能超过45单或者50单，现在是限低，每天不能低于40单 或者45单。" 编者按： 赵彰告诉记者，他从2020年年底来到北京，各平台的外卖都送过。"我在骑手里属于比较'极端'的，跑 起来稍微拼命一点。" 资料图：外卖小哥顶着烈日在北京街头骑车配送。 中新社记者 贾天勇 摄 外卖订单激增下，赵彰的收入也水涨 ...

资料图：外卖小哥顶着烈日在北京街头骑车配送。中新社记者贾天勇摄 01 外卖骑手：每日工作超12小时 "单量明显增加"是外卖骑手最直观的感受。 "去年没有补贴的时候是限单，骑手每天限制不能超过45单或者50单，现在是限低，每天不能低于40单 或者45单。" 赵彰告诉记者，他从2020年年底来到北京，各平台的外卖都送过。"我在骑手里属于比较'极端'的，跑 起来稍微拼命一点。" 外卖订单激增下，赵彰的收入也水涨船高，上个月他跑了约2600单。"订单跟去年比几乎翻倍，我现在 的收入是去年同期的1.5倍，月收入差不多有2万多元。" "我等个奶茶等了一个多小时。"立秋这天，奶茶店爆单，奶茶店员和外卖小哥成了热搜里"立秋第一杯 奶茶的受害者"。 晚上六点，正值外卖点单的高峰期，"85后"外卖骑手赵彰（化名）同时打开美团、京东、饿了么三个平 台接单，并祈祷不同平台派送的单子尽量能在一个方向。另一边，餐饮店员面对着不断新增的外卖订 单，被外卖骑手催到崩溃。 今年以来，各平台掀起新一轮"外卖大战"。这场持续数月的"狂欢"，对平台、餐饮商家和外卖骑手，究 竟意味着什么？中国新闻网《民生调查局》进行了采访调查。 不过，赵彰收入提升并 ...

Core Viewpoint - The People's Bank of China and six other departments have issued guidelines to financially support new industrialization, aiming for a mature financial system that enhances service adaptability for high-end, intelligent, and green manufacturing by 2027 [1] Group 1: Financial Support for New Industrialization - New industrialization requires significant financial support due to its characteristics of high investment, high risk, and long cycles, particularly in areas like intelligent transformation and green transition [1][2] - The financial system faces challenges in supporting new industrialization due to the high risks and uncertainties associated with technology development, especially during the commercialization phase [2] - Small and medium-sized enterprises (SMEs) face pronounced difficulties in financing, necessitating optimized policy tools and the introduction of patient capital to alleviate funding bottlenecks [2] Group 2: Differentiated Financial Strategies - A differentiated approach to financial support is essential, as various industries have different lifecycle stages, technological maturity, and market demands [3] - Over-investment in emerging industries can lead to bubbles, while insufficient support for traditional industries can hinder their upgrade, affecting overall industrial resilience [3] - Financial resources should be directed towards technology innovation, product upgrades, and brand development to foster internationally competitive brands and shift from cost competition to technology and brand competition [3] Group 3: Avoiding Internal Competition - The global manufacturing sector is undergoing significant adjustments, and it is crucial to direct financial resources towards key areas of technological advancement and industrial upgrading to enhance competitiveness [4] - Avoiding "involution" in the industry, characterized by low-level repetitive construction and homogeneous product price wars, is vital for fostering innovation and breaking through core technology bottlenecks [3][4]

Group 1: Manufacturing Sector - In July, the manufacturing Purchasing Managers' Index (PMI) decreased to 49.3%, down 0.4 percentage points from the previous month, indicating a contraction in manufacturing activity [1][2] - The new orders index fell into the contraction zone, primarily due to weakened external demand and adverse weather conditions affecting production [1][2] - The production index was reported at 50.5%, indicating continued expansion in manufacturing activities despite a decline from the previous month [2][3] - High-tech manufacturing PMI remained in expansion at 50.3%, showing resilience and strong growth potential in this sector [3] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.1%, down 0.4 percentage points from last month, but still above the critical point [4] - Service sector activities showed stability, with a business activity index of 50.0%, reflecting positive consumer behavior during the summer season [4][5] - The construction sector experienced a slowdown due to adverse weather, with a business activity index of 50.6%, down 2.2 percentage points from the previous month [5] Group 3: Economic Outlook - Analysts suggest that despite short-term fluctuations due to weather, the foundation for economic recovery remains solid, supported by strong demand and policy backing [3][6] - The business activity expectation index for the service sector rose to 56.6%, indicating optimism among service providers regarding future market conditions [5] - Continued implementation of policies aimed at boosting domestic demand is expected to support investment and consumption activities in the second half of the year [6]

7月24日，在广东银行业保险业2025年上半年新闻通气会上，广东金融监管局党委委员、二级巡视员黄 海晖表示，广东金融监管部门已印发银行业保险业"内卷式"竞争负面清单，指导行业协会研究制定反不 正当竞争自律公约，推动行业治理迈入制度化、规范化轨道。 自今年《政府工作报告》首次提出综合整治"内卷式"竞争以来，一场围绕"有序竞争"的治理便在保险业 展开。 不过，不少业内人士直言，保险业"反内卷"倡议仍聚焦于手续费、佣金等层面。究其原因，在于保险业 在竞争过程中的高度同质化。各家险企产品的特点、营销方式往往趋同，只能"卷价格""卷费用"。相比 之下，大型保险机构可凭借规模效应，实现更低的成本，具有显著的竞争优势。 北京大学经济学院风险管理与保险学系主任、北京大学中国保险与社会保障研究中心主任郑伟表示，竞 争是市场经济运行的基础机制，正常竞争将促进资源有效配置，提升产品服务质量，提高企业经营管理 效率，增进消费者福利。但是，"内卷式"竞争聚焦于同质化产品"厮杀"，压低价格和利润，引发恶性循 环，长期将损害整个行业和消费者的利益。 正因如此，此次广东金融监管局率先立下规矩，为恶性竞争踩下"刹车"。 《金融时报》记者注意到 ...

Core Viewpoint - The revision of the Price Law aims to address the rampant "involution" competition across various industries, which undermines sustainable development and innovation, by establishing clearer legal standards and responsibilities for price-related behaviors [1][2][6] Group 1: Issues in Current Market Competition - Industries such as livestock, photovoltaic, and electric vehicles are experiencing severe price wars, leading to overall losses and diminished profit margins [1] - The phenomenon of "involution" competition is characterized by companies sacrificing profits to gain market share, which ultimately harms the entire industry's innovation capacity and international competitiveness [1][5] - The current market is plagued by low-cost dumping and other unfair pricing practices that disrupt normal market order and threaten sustainable industry development [5] Group 2: Key Changes in the Price Law Revision - The revision introduces a shift from "setting levels" to "establishing mechanisms" for government pricing, promoting fair and lawful price competition [2] - It explicitly defines unfair pricing behaviors, including below-cost dumping to eliminate competitors, and prohibits coercive pricing practices [2][3] - New provisions address unfair pricing behaviors in the digital economy, targeting practices like "forced bundling" and "big data discrimination" that exploit market dominance [3] Group 3: Strengthening Legal Responsibilities - The revision significantly increases penalties for price violations, raising the maximum fine for failing to comply with pricing regulations from 5,000 yuan to 50,000 yuan [4] - It introduces legal responsibilities for businesses that refuse or provide false information during cost audits, enhancing enforcement capabilities [4] - The changes signal a commitment to higher costs for price violations, aiming to deter ineffective regulatory practices [4] Group 4: Implications for Market Dynamics - The revision reflects a respect for economic development laws and aims to protect market order, emphasizing the importance of fair competition [6] - By addressing "involution" competition, the law seeks to redirect focus from price wars to value-based competition, preserving reasonable profit margins for businesses [6]