Core Viewpoint - The National Development and Reform Commission emphasizes the need to address the issue of "involution" in competition across various industries, advocating for targeted measures to promote healthy industrial development and upgrades [1][2]. Group 1: Involution in Competition - Involutionary competition is characterized by practices such as selling products at extremely low prices, even below cost, which disrupts fair competition and must be rectified [1][2]. - The food delivery industry exemplifies this issue, with instances of ultra-low pricing like "3 yuan for a cup of milk tea" and "2.9 yuan for a hamburger set," raising concerns about a potential new price war [1][2]. Group 2: Regulatory Response - There is a consensus across society to firmly address involutionary competition, as indicated by signals from the Central Economic Work Conference and the Government Work Report [2]. - Regulatory bodies, including the State Administration for Market Regulation, have engaged with major platforms like JD.com, Meituan, and Ele.me to ensure the protection of consumer and operator rights within the food delivery sector [2]. Group 3: Recommendations for Improvement - The regulatory approach includes promoting innovation and self-regulation within industries, encouraging adherence to legal competition practices, and resisting low-price dumping and negative competition [2]. - For the food delivery industry, there are opportunities to improve food safety, service quality, labor rights for delivery workers, and innovation in business models [2]. Group 4: Conclusion on Competition - The clear message from regulatory authorities is that there are no winners in involutionary competition, and only high-quality, healthy competition can drive sustainable economic and social development [3].

Group 1 - The People's Bank of China emphasizes the need for a moderately loose monetary policy to support effective financing for the real economy, focusing on key areas such as technological innovation, consumption, and foreign trade [2] - The National Development and Reform Commission highlights the need to address "involution" in competition, as traditional industries undergo transformation and structural issues arise [3] - The implementation of the "Private Economy Promotion Law" marks a significant milestone in the development of the private economy in China, establishing mechanisms for fair competition and investment promotion [8] Group 2 - The recent reduction in the Loan Prime Rate (LPR) by 10 basis points for both 1-year and 5-year terms is the first adjustment since October of the previous year, indicating a shift in monetary policy [7] - The Ministry of Finance reports a 57.8% year-on-year increase in securities transaction stamp duty revenue for the first four months of the year, reflecting a robust trading environment [9] - The unemployment rate for urban youth aged 16-24 stands at 15.8%, indicating ongoing challenges in the job market for younger demographics [11] Group 3 - Hisense Group appoints a former executive from Midea as the president of its air conditioning division, aiming to regain market share in the domestic air conditioning market where Xiaomi has gained significant ground [22] - The French Senate's investigation into Nestlé's "Perrier" water scandal reveals consumer fraud and regulatory failures, impacting the company's reputation and operations [23] - Institutional investors show significant activity in the stock market, with notable net purchases in companies like Zhongzhou Special Materials and net sales in others like Hongbaoli and Youfu [24]

// 今日关注 // 1、国家发改委：内卷式竞争扭曲了市场机制、扰乱了公平竞争秩序，必须加以整治 2、华熙生物回应"点名券商"事件：透明质酸遭踩踏和抹黑，两大协会力挺"科学正名" 3、降至"1字头"，多家银行下调大额存单产品利率 4、英伟达回应在上海设立新办公空间 5、国际机构预测：2025有色金属供应过剩加剧 // 宏观预警 // 1、财政部：1-4月全国一般公共预算收入80616亿元，同比下降0.4% 财政部数据显示，1-4月，全国一般公共预算收入80616亿元，同比下降0.4%。其中，全国税收收入 65556亿元，同比下降2.1%；非税收入15060亿元，同比增长7.7%。分中央和地方看，中央一般公共预 算收入33928亿元，同比下降3.8%；地方一般公共预算本级收入46688亿元，同比增长2.2%。 3、17新华联控MTN001违约进展：重整计划执行期限延长至2025年8月23日 新华联控股有限公司发行的"17新华联控MTN001"因公司破产重整于2022年8月9日提前到期并停止计 息，构成违约。截至2025年4月，北京一中院裁定将新华联控股等六家公司实质合并重整计划的执行期 限延长至2025年8月2 ...

1. 习近平：推进中国式现代化要继续把制造业搞好。 2. 能源局：4月份全社会用电量同比增长4.7%。 3. 中方是否考虑参加俄乌会谈？外交部回应。 4. 央行行长潘功胜主持召开金融支持实体经济座谈会。 5. 5月LPR报价出炉：5年期和1年期利率均下调10个基点。 6. 国新办举行新闻发布会，介绍《关于持续推进城市更新行动的意见》有关情况。 7. 发改委："内卷式"竞争扭曲了市场机制、扰乱了公平竞争秩序，必须加以整治。 8. 财政部：1—4月，进口货物增值税、消费税5732亿元，同比下降6.5%；关税686亿元，同比下降 12.1%；出口退税9110亿元，同比增长12.5%；证券交易印花税同比增长57.8%。 金十数据整理：昨日今晨重要新闻汇总（5月21日） 1. 早盘黄金重回3300，原油拉升3%，美媒报道称以色列准备袭击伊核设施。 2. 关税-据悉日本考虑接受美国关税削减而非豁免。日本关税谈判代表将于周五第三次访问美国，本月 有可能进行第四次访问。 3. 英媒：欧盟将对网上订购的小件商品征收统一税。 4. 特朗普：不通过税收法案的替代方案就是大幅增税。 5. 欧盟批准第17轮对俄制裁措施，更多制裁正在酝 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is accelerating the implementation of policies aimed at stabilizing employment and the economy while promoting high-quality development, with most measures expected to be in place by the end of June 2024 [1] Group 1: "Two Heavy" Construction Progress - The NDRC has arranged over 700 billion yuan in special bonds for long-term projects in 2024 and nearly 500 billion yuan for 2025 to support major projects such as transportation infrastructure along the Yangtze River and urban underground pipelines [2] - A significant number of "Two Heavy" projects are expected to stabilize economic operations, optimize industrial structures, and enhance public services for migrant workers in urban areas [2][3] - The construction of over 1 million kilometers of small irrigation channels and more than 27 million small agricultural water conservancy facilities has been completed, strengthening food security [3] Group 2: Addressing "Involution" Competition - The NDRC is addressing structural issues in industries that have led to "involution" competition, where companies engage in unhealthy practices such as selling below cost [4] - Measures include promoting innovation to enhance product quality and core competitiveness, and enforcing regulations to eliminate local protectionism and market segmentation [5] - The NDRC aims to optimize industrial layouts and strengthen market supervision to maintain fair competition and eliminate low-quality market practices [5] Group 3: Stabilizing Foreign Investment Confidence - The NDRC is revising the "Encouraged Foreign Investment Industry Directory" to include high-end manufacturing and digital economy sectors, aiming to attract more foreign investment [6] - Policies to support foreign enterprises in reinvesting domestically are being developed, focusing on enhancing financial support and project service processes [6] - A dedicated task force has been established to expedite the implementation of significant foreign investment projects, with 66 projects already completed, amounting to 97 billion USD [7]

对于内卷式竞争，李超表示，整治内卷式竞争是大家都非常关注的一件事，当前中国经济正处于新旧动 能转换时期，新产业、新业态和新模式不断涌现。当前传统产业正在加快转型升级，这个过程中部分行 业出现结构性问题，突破了市场竞争边界和底线，扭曲了市场机制，扰乱了公平竞争秩序，必须加以整 治。"国家发改委针对内卷式竞争问题症结，因业施策、对症下药、标本兼治，化解重点产业结构性矛 盾，促进产业健康发展和升级。"李超说。 李超表示，今年以来，"两新"政策加力扩围、持续显效。在增强消费活力方面，截至5月5日，汽车、家 电、数码产品、家装厨卫、电动自行车等五大类产品带动销售额约8300亿元。在拉动投资增长方面，1- 4月，设备工器具购置投资同比增长18.2%，对全部投资增长的贡献率为64.5%。 "国家发改委力争在6月底前下达完毕今年全部的'两重'建设项目清单，高标准抓好组织实施。"李超表 示，国家发改委将会同财政部加快消费品以旧换新的资金下达工作，尽快做好2024年消费品换新资金清 算工作，下达后续资金额度。同时，提高资金使用效率，建立超长期特别国债资金直达快享机制，抓紧 推出加力实施设备更新贷款贴息政策，降低各类经营主体设备更 ...

Core Viewpoint - The Chinese government is addressing the issue of "involutionary" competition, which distorts market mechanisms and disrupts fair competition, particularly in the food delivery sector [2][3][4] Group 1: Government Response - The National Development and Reform Commission (NDRC) has highlighted the negative impacts of "involutionary" competition, including below-cost pricing and counterfeit products, which undermine market order [2] - The State Administration for Market Regulation (SAMR) has held discussions with major platforms like JD.com, Meituan, and Ele.me to ensure compliance with legal and fair competition practices [2][3] - The 2024 Central Economic Work Conference and the 2025 National People's Congress have emphasized the need for comprehensive measures to combat "involutionary" competition [2] Group 2: Industry Challenges - "Involutionary" competition is characterized by aggressive price cuts and subsidies that aim to eliminate competitors, leading to a deterioration of market conditions [3] - The phenomenon has been exacerbated by structural issues in various industries, including blind investment and failure to keep pace with technological advancements [3] - The prevalence of low-quality competition and illegal practices, such as counterfeiting, has increased, particularly in sectors undergoing transformation [4] Group 3: Market Implications - While consumers may benefit in the short term from price wars, the long-term consequences include potential price increases and compromised product quality [3] - The pressure on merchants' profits and the lack of protection for delivery personnel's rights have been significant issues arising from this competitive environment [3][4] - The need for legal regulation and enforcement is critical to restore healthy market order and encourage innovation among companies [4]

Group 1 - Xi Jinping emphasized the importance of building a community with a shared future between China and Latin America, proposing five major initiatives for cooperation and development [1] - Li Qiang highlighted the strategy of strengthening the domestic circulation to ensure stable economic growth, focusing on efficient resource allocation, technological innovation, and balancing supply and demand [2][3] - The recent China-US trade talks resulted in significant tariff reductions, with the US canceling 91% of additional tariffs and China reciprocating similarly [4][5] Group 2 - The National Committee of the Chinese People's Political Consultative Conference discussed leveraging technological innovation to enhance productivity and achieve high-quality development [6][7] - The State Council issued guidelines for urban renewal, aiming to optimize urban structures and improve living conditions through various initiatives [8][9] - A new "National Venture Capital Guidance Fund" was established to support technological innovation and the growth of strategic emerging industries [10][11][12] Group 3 - The State Administration for Market Regulation announced measures to combat "involution" competition, focusing on fair market practices and the enforcement of competition laws [13][14]

5月20日，国家发改委召开5月新闻发布会。会上，国家发改委新闻发言人李超表示，民营经济促进法今日起正式施行，这是社会主义 市场经济建设的标志性事件，在我国民营经济发展历程中具有里程碑意义。 他同时表示，整治内卷式竞争是大家都非常关注的一件事，当前中国经济正处于新旧动能转换时期，新产业、新业态和新模式不断涌 现。当前传统产业正在加快转型升级，这个过程中部分行业出现结构性问题，突破了市场竞争边界和底线，扭曲了市场机制，扰乱了 公平竞争秩序，必须加以整治。 53项配套举措陆续出台 作为中国第一部专门关于民营经济发展的基础性法律，民营经济促进法首次将"毫不动摇巩固和发展公有制经济，毫不动摇鼓励、支 持、引导非公有制经济发展"写入其中，以立法形式确立了民营经济的法律主体地位。 四方面发力整治内卷式竞争 "内卷式"竞争目前已成为提振民营企业信心途中的一只"拦路虎"。企业之间为了争夺有限的市场资源，不断加大投入、压低价格，陷 入低水平重复建设和价格战，导致企业效益下滑，创新能力受限。长此以往，不仅不利于增强民营企业信心，还会对民营经济长期健 康发展的生态环境造成负面影响。 李超表示，当前，中国经济正处在新旧动能转换期，新产 ...

Group 1: Economic Development and Investment - The National Development and Reform Commission (NDRC) aims to complete the list of all "two重" construction projects by the end of June, with a focus on both "hard investment" and "soft construction" [2][3] - In 2024, the NDRC has allocated 700 billion yuan for special long-term bonds to support major projects, including infrastructure along the Yangtze River and high-standard farmland construction [2] - The NDRC emphasizes the importance of these projects in stabilizing economic operations, optimizing industrial structure, and enhancing public welfare [2] Group 2: Foreign Investment Policies - The NDRC is revising and expanding the "Encouraged Foreign Investment Industry Catalog" to attract more foreign investment, particularly in high-end manufacturing and digital economy sectors [4] - Policies to encourage reinvestment by foreign enterprises in China are being developed, focusing on enhancing resource support and optimizing financial assistance [4] - The NDRC has established a task force to expedite the implementation of significant foreign investment projects, having already facilitated 66 projects with a total investment of 97 billion USD [5] Group 3: Market Competition and Regulation - The NDRC is addressing "involution" in competition, where some industries face structural issues and engage in unhealthy price competition [7] - Measures include promoting innovation, enhancing local regulations to eliminate protectionism, and optimizing industrial layouts to prevent the disorderly expansion of outdated capacities [8] - The NDRC is committed to strengthening market supervision to maintain fair competition and combat illegal activities such as counterfeit goods and price violations [8] Group 4: Consumer Market and Economic Stimulus - The NDRC has reported that as of May 5, over 3 million applications for the vehicle trade-in subsidy have been submitted, indicating strong consumer demand [9] - Retail sales in various categories, including home appliances and digital products, have shown significant year-on-year growth, contributing to an increase in total retail sales [9] - The NDRC plans to enhance the efficiency of fund allocation for consumer subsidies and streamline the application process to improve consumer experience [10]