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What is "involution", China's race-to-the-bottom competition trend?
China's leaders have pledged to put an end to aggressive price cuts by some Chinese companies which regulators say are spurring excessive competition that is damaging the economy. The so-called "anti-involution" campaign has been sparked by overcapacity among Chinese manufacturers - a legacy of past government efforts to stimulate the economy - and price cuts made to clear stock or spur consumption. Those cuts have prompted price wars across various sectors that are raising concerns deflation may become entrenched and hinder efforts to stabilise China's $19 trillion economy. The Chinese term for involution, "neijuan", ... (full story)
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