中国 “反内卷” 风险向房地产领域蔓延-China‘s anti-involution risks heading the housing way

Global Economic Research J P M O R G A N 30 October 2025 Jahangir Aziz (1-212) 834-4328 jahangir.x.aziz@jpmorgan.com J.P. Morgan Securities LLC Tingting Ge (852) 2800-0143 tingting.ge@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch China's anti-involution risks heading the housing way It is easy to conflate the structure of China's "socialist econo- my with Chinese characteristics" with that of a Soviet-style command economy. A key distinction lies in how resources are allocated. In the Soviet Unio ...