2025.09. 07 本文字数：2373，阅读时长大约4分钟 作者 | 第一财经 高雅 在美国科技巨头的不断游说下，美国总统特朗普正出面向欧盟施压。 据央视新闻，当地时间9月5日，美国总统特朗普在其社交媒体"真实社交"发文，批评欧盟对谷歌的35亿美元罚款，称这一举动"极其不公平"。特朗普警 告，如果欧洲继续对美国科技巨头采取类似措施，他将被迫启动"301条款"程序，推翻这些"不公平的处罚"，以保护美国纳税企业的利益。 这并非特朗普政府首次代表美国科技巨头向欧盟施压。然而，欧盟方面并未示弱。欧盟委员会二号人物、反垄断事务负责人里贝拉（Teresa Ribera） 在上周的一次采访中表示，如果特朗普以威胁方式要求欧盟放宽数字立法，欧盟必须准备好放弃与美国的贸易协议。 对外经济贸易大学法国经济研究中心主任、巴黎索邦大学博士生导师赵永升对第一财经记者表示，欧盟拥有全球最严格的数字经济监管体系之一，其背 后是对数字技术发展与个人基本权利及隐私保护之间平衡的深切担忧。 他补充说，但从某种程度上看，欧盟对数字领域实施强监管，也与其在全球数字竞争中的相对弱势地位有关。"欧盟正试图构筑一道铜墙铁壁，以抵御 外来数字巨头的市场 ...

Core Viewpoint - The European Union (EU) is implementing strict regulations in the digital sector, which is partly due to its relative weakness in global digital competition, as it seeks to protect its market from foreign digital giants [1][6] Group 1: EU's Regulatory Actions - The EU has imposed a fine of €29.5 billion on Google for self-preferencing practices in the advertising technology sector, marking the second-highest penalty against the company [3] - Google has 60 days to present a compliance plan to the EU, failing which it may be forced to divest parts of its business [3] - The EU's regulatory framework is considered one of the strictest globally, reflecting concerns over balancing digital technology development with personal rights and privacy protection [1][6] Group 2: US Response and Pressure - US President Trump criticized the EU's fine on Google, labeling it as "extremely unfair" and warned of potential retaliatory measures under Section 301 if the EU continues such actions [1][4] - Trump has expressed support for other US companies facing EU penalties, including Apple, and emphasized that the US government will not tolerate discriminatory actions against American firms [3][4] - The US government, including the Federal Trade Commission (FTC), has ramped up criticism of EU digital regulations, urging American companies not to compromise user privacy in compliance with EU laws [5] Group 3: Trade Agreement Implications - The EU and the US recently reached a joint statement on a trade framework, but the imposition of fines on US tech companies could jeopardize this agreement [6] - EU officials have acknowledged that penalties against US tech giants may pose risks to the trade agreement, leading to a temporary delay in announcing the fine against Google [6] - The EU maintains its right to regulate its digital sector independently, asserting that US tech companies must comply with the same laws as all market participants [6][7]

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]

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]