Group 1: Economic Context - The revision of the Price Law is the first major overhaul in 27 years, addressing the "increase in production without an increase in profit" dilemma and inward competition[4] - China's Producer Price Index (PPI) has experienced negative growth for 33 consecutive months, with a year-on-year decline of 3.6% in June 2025, marking a new low in this negative growth cycle[5][6] - Industrial value-added increased by 6.4% year-on-year in the first half of 2025, yet industrial profits fell by 1.8% year-on-year, highlighting the paradox of "increased production without increased profits"[5] Group 2: Legislative Changes - The Price Law revision expands the definition of "below-cost pricing" to include digital economy practices, enhancing the legal framework against unfair competition[5][13] - The revision raises the maximum penalty for violations from 5,000 yuan to 50,000 yuan, significantly increasing the deterrent effect on large enterprises[15] - New provisions specifically target algorithmic manipulation and hidden fees in the digital economy, marking a significant regulatory advancement[15] Group 3: Market Implications - The revision is expected to accelerate industry differentiation, pushing out non-compliant capacities and enhancing the competitive environment for compliant firms[16] - The anticipated recovery of PPI and profit margins may lead to a shift in capital market dynamics, with funds reallocating from defensive sectors to cyclical and "anti-involution" sectors[18] - The long-term goal of the Price Law revision is to transition the economy from a "price war" to an "innovation-driven" growth model, fostering sustainable economic development[18]

Key Points - The National Development and Reform Commission and the State Administration for Market Regulation have released a draft amendment to the Price Law for public consultation, marking the first revision since its implementation in 1998 [1] - The revision aims to address social concerns and is timely, focusing on three main highlights [1] Highlight 1: Addressing "Involution" Competition - The amendment clarifies the standards for identifying unfair pricing behaviors, particularly enhancing the criteria for recognizing predatory pricing. The scope of predatory pricing has been expanded to include both goods and services, and the focus is on whether there is intent to disrupt competition or monopolize the market [2] Highlight 2: Targeting "Big Data Price Discrimination" - The draft includes provisions that prohibit operators from using data, algorithms, and technology to engage in unfair pricing practices. This addresses the growing issue of "big data price discrimination," where consumers face different prices for the same product based on their browsing history or device used [2] Highlight 3: Increased Penalties for Pricing Violations - The proposed changes increase the penalties for violations of pricing regulations, raising the maximum fines for serious offenses. This aims to deter operators from engaging in price violations and to maintain market order [3]

2025.07. 25 本文字数：2131，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 综合整治"内卷式"无序竞争将迎来更加强有力的法律支撑。 国家发展改革委、市场监管总局研究起草了《中华人民共和国价格法修正草案（征求意见稿）》（下 称"修正草案"），向社会公开征求意见。公开征求意见时间为2025年7月24日至8月23日。 这是价格法正式实施以来的首次修法。修正草案增设了多条与"反内卷"相关的款项内容，完善了关于低价 倾销、哄抬价格、价格串通、价格歧视等不正当价格行为的规定。新增数字经济监管条款，弥补制度空 白，对算法定价以及大数据杀熟等新型问题进行相应调整。修订后的价格法将与反垄断法、反不正当竞争 法等协同发力，构筑起一个更全面的市场监管体系。 中国宏观经济研究院经济研究所副所长郭丽岩表示，修订《价格法》释放了维护公平竞争市场环境的明确 信号。在当前国际形势不确定性增大背景下，通过立法强化和引导公平、公正、合法的价格竞争，有利于 增强中国统一大市场对内对外的吸引力和影响力，从而为做强国内大循环提供良好的价格环境。 为强化价格监管提供法律支撑 价格法自1998年正式实施，至今已有27年多的时间。 国家发展 ...

Core Points - The revised Price Law aims to strengthen legal support for regulating unfair pricing behaviors and enhancing market competition, particularly addressing issues related to "involution" [1][2][3] - The draft includes new provisions for digital economy regulation, targeting algorithm pricing and data discrimination, thus filling existing regulatory gaps [1][6] - The revision is a response to the changing economic landscape, where most prices are market-driven, and new business models have emerged, necessitating updated regulatory measures [3][4] Group 1: Legal Framework Enhancements - The draft introduces multiple provisions related to "anti-involution," improving regulations on unfair pricing behaviors such as predatory pricing, price collusion, and price discrimination [1][3] - It establishes clearer standards for identifying unfair pricing practices and enhances legal responsibilities for violations, thereby providing robust support for price regulation [3][5] - The revised law will work in conjunction with the Anti-Monopoly Law and the Anti-Unfair Competition Law to create a comprehensive market regulation system [7] Group 2: Addressing Low-Cost Dumping - The current Price Law's application to low-cost dumping is limited to goods sold by operators, which does not fully address the rise of platform economies and service consumption [4] - The draft revises the definition of low-cost dumping to include actions that aim to eliminate competitors or monopolize the market by selling below cost [4][5] - It also identifies specific practices in service sectors that constitute disguised price increases or reductions, responding to recent market trends [4][5] Group 3: Digital Economy Regulation - The draft explicitly prohibits operators from engaging in unfair pricing behaviors using data, algorithms, and technology [6] - It bans dominant operators from imposing unreasonable fees or conditions, addressing the misuse of data and algorithms in the digital economy [6] - The revised law aims to regulate new challenges posed by rapid advancements in technology, such as algorithm discrimination and data exploitation [6]

Group 1 - The European Union has approved a countermeasure plan to impose tariffs on US products totaling €93 billion, following a previous vote on a list worth approximately €72 billion, primarily targeting high-value industrial products such as aircraft, automobiles, and electrical equipment [2] - The Chinese government is expanding the provision of first loans and credit loans to support small farmers, aiming to enhance their self-development capabilities and increase income channels [5] - The Chinese Ministry of Commerce has adopted a zero-tolerance policy towards the smuggling of strategic minerals, emphasizing a strong crackdown on illegal export cases [6] Group 2 - The National Medical Insurance Bureau of China reported that during the "14th Five-Year Plan" period, the cumulative expenditure of the medical insurance fund exceeded ¥12.13 trillion, with an annual growth rate of 9.1% [7] - The Shanghai Pudong government is promoting the synchronized research, clinical trials, application, and market launch of imported innovative drugs, aiming to facilitate the landing of globally first-launched products [12] - In Guangdong, financial policies have been implemented to support foreign trade enterprises, with nearly ¥10 billion in non-repayable renewals processed in the first half of the year [13] Group 3 - In the first half of the year, nine provinces in central and western China led the growth in import and export rates, with Qinghai achieving a remarkable increase of 57.7% [14] - Amazon has announced a personnel reduction in some teams within its cloud technology division, citing a thorough evaluation of the company's organizational and strategic direction [24] - Tesla reported a decline in both revenue and net profit for the second quarter of 2025, with revenue at $22.5 billion, a 12% year-on-year decrease, and net profit at $1.172 billion, down 16% [24]

Group 1 - The revision of the Price Law is necessary and urgent to respond to the increasing demands for fairness, transparency, and justice in market activities, particularly in the context of unfair pricing behaviors like low-price dumping [2][3] - The government plays a crucial role in regulating pricing behaviors, especially in cases of market failure, such as low-price dumping, which disrupts normal business operations and harms the interests of other operators [3][4] - Strengthening the legal framework of the Price Law is essential for promoting high-quality economic development and ensuring that market prices accurately reflect supply and demand signals [4][5] Group 2 - Establishing a robust price regulation system is vital to curb unfair pricing practices, ensuring that pricing reflects market conditions and production costs [5][6] - The revision of the Price Law includes clearer definitions of unfair pricing behaviors, particularly low-price dumping, which is now explicitly categorized as an unfair pricing practice [5][6] - Promoting self-discipline and integrity among operators is crucial for maintaining fair competition, with the Price Law emphasizing the importance of honesty and trustworthiness in pricing activities [6][7]

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]

21世纪经济报道记者 周潇枭 北京报道 7月24日，由国家发展改革委、市场监管总局研究起草的《中华 人民共和国价格法修正草案（征求意见稿）》（下文简称修正草案）对外公开征求意见，公开征求意见 时间为2025年7月24日至8月23日。 价格法自1998年正式实施，至今已执行有27年多的时间。这些年来，我国价格工作面临的形势发生明显 变化，当前绝大多数商品和服务价格由市场形成，互联网平台经济等新经济新业态新模式不断涌现，一 些行业低价无序竞争问题凸显，这些都对价格调控监管提出新的要求。 如此一来，修正草案将低价倾销行为适用范围从"商品"扩展到"商品和服务"；规范对象除了"经营者"本 身之外，还新增了"强制其他经营者按其定价规则低价倾销"的行为；删除了低价倾销行为造成的后果规 定。 中国社会科学院大学法学院副教授韩伟对21世纪经济报道记者表示，现行价格法对制止低价倾销行为的 规定，其构成要件较为复杂，适用范围仅限于商品，适用情形仅限于经营者自行销售，难以完全适应形 势变化和执法实践需要。修正草案完善了价格法中低价倾销条款，有利于从法治层面规范市场价格秩 序，助力遏制"内卷式"竞争。 韩伟进一步指出，草案优化了低价倾 ...

中国人民银行5月9日发布2025年第一季度中国货币政策执行报告。报告强调，为支持物价合理回升营造 良好的货币金融环境。市场专家认为，促进物价合理回升需要解决一些深层次的供需结构矛盾。业内专 家认为，价格首先取决于商品供需关系，货币是次要因素。当前货币供应增长持续快于经济增速，但物 价仍处低位。增加货币供给，供需关系没有改善，不能有效提高需求。如果推动供给扩张，供过于求格 局下，物价低迷状况很难改变。价格调控思路上，要从以前的防"哄抬物价"转向防"低价倾销"。如果企 业一味扩张产量，甚至是低价竞争，对物价压制作用会持续存在，长期看，也不利于市场秩序维护和企 业经营稳健性。政府价格管理要从鼓励企业"以价换量"转向引导企业"以质取胜"。报告提到的技术创 新、品牌建设、服务质量、市场细分等多元化竞争策略是企业未来的经营方向。(中证金牛座) ...