Group 1 - The core viewpoint presented by Liu Yuanchun emphasizes the need for macroeconomic governance to incorporate a new dimension of "coordinating macro regulation with micro governance" to address the issue of "involution" in competition, thereby solidifying the micro foundation for high-quality development [1][2] - The primary concern of the current macroeconomic environment is the persistently low price levels, which are influenced by both structural issues on the demand side, such as the decline in real estate investment, and complex supply-side shocks [1] - A significant supply shock driven by technological advancements and economies of scale has been observed, with labor productivity in China increasing by nearly 90% over the past decade, and costs for new energy vehicles, lithium batteries, and solar cells significantly decreasing [1] Group 2 - The phenomenon of "involution" in pricing has led to a decline in corporate profit margins, with many industries experiencing worsening financial indicators despite technological upgrades, resulting in a situation where costs decrease but profits decline even faster [1][2] - To address the challenges of low prices and "involution," a comprehensive initiation of micro governance is necessary, shifting from a reliance on industry self-discipline to a new model of "government-led, industry-coordinated, and enterprise-implemented" policies [2] - The "2025 China Macroeconomic Situation Analysis and Forecast Mid-Year Report" highlights that the main short-term contradiction in China's macroeconomic operation is the imbalance between supply and demand, which has spread from the production side to the demand side, impacting key areas such as the labor market and real estate market [2]

Group 1 - The core viewpoint is that China's industrial policy has long prioritized over competition policy, leading to micro-level disorder, necessitating a reorientation of industrial policy and placing competition policy at the forefront [1][2] - The current industrial sector is experiencing a phenomenon where costs are decreasing, but profits are declining even faster, indicating a need for comprehensive micro-governance to address low pricing and "involution" issues [1][2] - The focus of policy has shifted towards preventing "involution-style" vicious competition, with the Central Committee emphasizing the need for industry self-discipline and orderly competition [1][2] Group 2 - The primary concern in the macro economy is the persistently low price levels, driven by both demand-side and supply-side factors, including structural issues and the impact of technological advancements [2] - China's labor productivity has increased by nearly 90% over the past decade, with significant cost reductions in new energy sectors, indicating a shift towards new production models [2] - Despite technological upgrades, many industries are experiencing deteriorating financial metrics, with profit margins hitting historical lows due to "involutionary pricing models" leading to fierce competition [2][3] Group 3 - Overcapacity is not a new phenomenon, but the overcapacity in emerging industries and involution may signal the emergence of new systemic issues [3] - The approach to breaking the low-price phenomenon includes expanding domestic demand, social reforms, and micro-restructuring as supplementary measures [3] - A shift in policy thinking is suggested, moving from an industry-led model to a government-led, industry-coordinated, and enterprise-implemented model, elevating competition policy to a central role [3]