Group 1 - The core viewpoint of the article is the introduction of the "Internet Platform Pricing Behavior Rules (Draft for Comments)" by the National Development and Reform Commission, aimed at regulating unfair pricing behaviors in the platform economy [1][2] Group 2 - The rules emphasize maintaining price competition order by prohibiting platform operators from forcing sellers to sell below cost, which could disrupt market competition [1] - The regulations specify that platform operators cannot set different prices for the same goods or services based on consumer data without proper justification [1] Group 3 - The rules establish requirements for price integrity, prohibiting deceptive or misleading pricing practices, including false discounts and price manipulation [2] - The regulations also forbid collusion among platform operators to manipulate market prices and the dissemination of false information to inflate prices [2]

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]

Group 1 - The core viewpoint of the article is the revision of the Price Law in China, which aims to address new challenges in the market, such as "involution" competition and "algorithm pricing" [2][3] - The revision of the Price Law is the first in 27 years, initiated by the National Development and Reform Commission and the State Administration for Market Regulation, and it includes 10 articles focusing on government pricing, standards for unfair pricing behavior, and legal responsibilities for price violations [2][3] - The revision expands the definition of unfair pricing behaviors to include issues related to platform and digital economies, addressing concerns such as "predatory pricing" and "price discrimination" [3][4] Group 2 - The revision improves the standards for identifying predatory pricing, providing legal support for enhanced regulatory enforcement [3] - The draft addresses "big data price discrimination" by prohibiting price discrimination against consumers under the same transaction conditions [4] - The revision introduces measures to enhance transparency in pricing algorithms used by platforms, suggesting that platforms should disclose their pricing algorithms to regulatory bodies [4][5] Group 3 - The draft aims to clarify the relationship between the Price Law and the Anti-Monopoly Law, addressing overlapping issues that have persisted since the Anti-Monopoly Law's implementation in 2008 [6][8] - The penalties for violations of the Price Law have been increased, with the maximum fine raised from 5,000 yuan to 50,000 yuan, reflecting the need for stricter enforcement [6][7] - The revision emphasizes the necessity for violators to return illegal gains and suggests that restitution should be prioritized over administrative penalties [7] Group 4 - The revision also seeks to institutionalize government pricing hearings, allowing for broader public participation in the pricing process [9][10] - The draft modifies the requirements for government pricing hearings, allowing for various methods of public consultation, including surveys and public hearings [10][11] - The article highlights the importance of ensuring that public opinions are openly discussed and considered in the pricing decision-making process [11]

Core Points - The draft amendment to the Price Law of the People's Republic of China was released for public consultation, focusing on improving government pricing, clarifying standards for identifying unfair pricing behaviors, and enhancing legal responsibilities for price violations [1][2] Group 1: Legislative Changes - The draft includes 10 articles aimed at addressing issues in price management practices that have emerged since the law's implementation in 1998, reflecting significant changes in economic and social development [1] - The amendment seeks to enhance the applicability and effectiveness of the law, adapting to new market conditions and improving the legal framework for price regulation [1][2] Group 2: Government Pricing and Market Order - The amendment aims to refine the government pricing system and establish legal standards for identifying unfair pricing behaviors, thereby promoting a more orderly market price environment [2] - It addresses new challenges such as "involution" competition, "algorithmic pricing," and "big data discrimination," indicating a response to evolving market dynamics and technological advancements [2]

Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 331 billion yuan at a fixed rate with an interest rate of 1.40%, with a total bid amount of 331 billion yuan and a successful bid amount of 331 billion yuan. On the same day, 450 billion yuan of reverse repos matured, resulting in a net withdrawal of 119.5 billion yuan [1] Funding Conditions - The interbank market's funding conditions have tightened further, with a decrease in funding supply. The overnight repurchase weighted rate (DR001) rose nearly 28 basis points, surpassing the 1.65% mark. In the overseas market, the latest overnight financing rate in the US is 4.28% [3] Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.64% [6] Bond Market - The yields on medium to long-term bonds in the interbank market increased by approximately 3 basis points, while government bond futures saw a significant decline, with the 30-year main contract dropping by 0.92% [8][10] Government Bond Futures - Government bond futures closed lower across the board, with the 30-year main contract down 0.92%, the 10-year main contract down 0.29%, the 5-year main contract down 0.21%, and the 2-year main contract down 0.07% [10] Policy Announcements - The National Development and Reform Commission and the State Administration for Market Regulation released a draft for public consultation on the amendment to the Price Law, aiming to clarify standards for unfair pricing behaviors, including low-price dumping and price collusion [11] - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued opinions to enhance financial services for rural reforms, emphasizing increased financial resource input in key areas of rural revitalization and innovative financing models [11] - Beijing's Development and Reform Commission reported that all 320 major projects in the city commenced in the first half of the year, with investment growth of 14.1%, outpacing the national growth rate of 11.3% [12] Global Macro - The Reserve Bank of Australia's chairman expects core inflation to gradually decline to 2.5%, while the global economy faces uncertainty. Monthly data suggests that core CPI may not meet expectations, prompting a cautious and gradual easing path [14] Bond Market Events - In June, the northbound trading of Bond Connect reached 852.8 billion yuan, and in the first half of the year, securities firms underwrote technology innovation bonds totaling 381.39 billion yuan, a year-on-year increase of 56.48% [16]

Core Viewpoint - The draft amendment to the Price Law aims to address the changing market dynamics and enhance regulation against unfair pricing behaviors, particularly focusing on "low-price dumping" practices [1][3]. Group 1: Key Aspects of the Draft Amendment - The draft consists of 10 articles, primarily focusing on three areas: improving government pricing regulations, clarifying standards for identifying unfair pricing behaviors, and strengthening legal responsibilities for price violations [1]. - This is the first amendment to the Price Law since its implementation in 1998, reflecting the evolving economic landscape and the need for updated regulatory frameworks [3]. - The amendment expands the definition of "low-price dumping" to include both goods and services, and introduces provisions against coercing other operators to sell below cost [4][5]. Group 2: Focus on Unfair Pricing Behaviors - The revision emphasizes the need to regulate various unfair pricing behaviors, including price manipulation, price gouging, price discrimination, and forced sales, in response to the rise of digital economies [8]. - The amendment aims to provide a clearer legal basis for enforcement against low-price dumping, focusing on the intent to eliminate competition or monopolize the market [5][12]. - The draft also addresses the challenges posed by the digital economy, prohibiting the use of data, algorithms, and technology to engage in unfair pricing practices [8]. Group 3: Industry Response and Regulatory Environment - There is a growing call from businesses for stricter regulations against "involutionary" competition, where companies engage in unsustainable pricing strategies to gain market share [9][10]. - Various government departments are actively working to combat "involutionary" competition, with specific measures being taken in industries like automotive and e-commerce to ensure fair market practices [10]. - The amendment is part of a broader legal framework that includes the Anti-Monopoly Law and the Anti-Unfair Competition Law, aiming for a comprehensive approach to regulate low-price competition and maintain market order [12].

Core Viewpoint - China is revising its price law framework, which has been in place for 27 years, to curb destructive low-price competition and establish new market rules for the digital economy [1] Group 1: Legislative Changes - The National Development and Reform Commission and the State Administration for Market Regulation have drafted the "Draft Amendment to the Price Law of the People's Republic of China" and are seeking public opinion, marking a critical stage in this legislative process [1] - This amendment is the first since the law was implemented in 1998 and was officially included in the legislative plan of the 14th National People's Congress in 2023 [1] Group 2: Addressing "Involution" Competition - A key focus of the amendment is to provide clearer legal tools to combat "involution" competition, particularly targeting predatory pricing practices [2] - The current price law's provisions on predatory pricing are complex and limited to goods and operators, making it inadequate for the rise of platform economies and service consumption [2] - The revised draft clarifies the two core elements of predatory pricing: the means (pricing below cost) and the purpose (eliminating competitors or monopolizing the market) [2] Group 3: Expanding Scope and Regulatory Framework - The scope of predatory pricing is expanded from "goods" to include "goods and services," and the regulatory subjects are broadened to include third parties that set pricing rules, such as platforms [3] - New provisions prohibit operators from engaging in unfair pricing practices using data, algorithms, and technology, addressing the changes in business models in the digital economy [4] Group 4: Comprehensive Regulatory System - The amendment is part of a broader effort to enhance the market economy's legal framework, requiring multiple laws to work together to address chaotic low-price competition [6] - The revised price law will collaborate with the newly amended Anti-Unfair Competition Law and Anti-Monopoly Law to form a comprehensive legal regulatory system [6] - The draft increases penalties for violations of pricing regulations and clarifies legal responsibilities for providing false cost information [6]

Core Viewpoint - The draft amendment to the Price Law aims to prohibit operators from engaging in unfair pricing practices using data, algorithms, and technology [1] Group 1 - The National Development and Reform Commission and the State Administration for Market Regulation have publicly solicited opinions on the draft amendment to the Price Law [1] - The proposed amendment includes a new clause stating that operators must not use data, algorithms, technology, or rules to engage in unfair pricing practices [1]