Chinese state media has refreshed its calls for local-level governments and businesses to refrain from unhealthy, exhausting competition that is feared to be damaging the competitiveness of the nation’s economy, as the issue remains a headache for Beijing.
A self-defeating cycle of excessive competition – known as neijuan, or involution – has remained prevalent, distorting market dynamics and hindering sustainable growth, the Economic Daily warned in a commentary on Wednesday, as the issue has been a focal point in the past year.
