China urged to curb excessive cash burn, not competition, to fight ‘neijuan'
Wang Yiming, a central bank adviser, said 'quick commerce' – involving the rapid delivery of food and essential goods, often within 30 minutes – creates new opportunities for consumption, which could be vital for long-term growth.
He urged officials to guide the sector's high-quality development through targeted policy measures.
Anti 'involution'-style competition is not against competition itself, but against behaviours that undermine fair competition,' said Wang, who also serves as vice-chairman of the China Centre for International Economic Exchanges, a Beijing-based governmental think tank.
'Instead, the goal is to raise competition to a higher level – moving away from a zero-sum mindset towards a win-win approach through innovation, quality upgrades and a better industrial ecosystem.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Jockey Club enters long-term Xinjiang partnership in another positive mainland move
The Hong Kong Jockey Club has begun a long-term partnership with the Sports Bureau of the Xinjiang Uygur autonomous region in Urumqi with the goal of modernising the region's equine industry. The partnership was announced on Tuesday, with the aim of leveraging the resources of both the Jockey Club and the Bureau to promote the upgrading of Xinjiang's equine industry. Jockey Club chief executive Winfried Engelbrecht-Bresges visited the site alongside Executive Director Andrew Harding and members of the Club's expert team, meeting representatives of the government, university, industry and sports organisations. Xinjiang holds the largest horse population in China and is home to one of its most celebrated horse breeds, the Yili horse – a small breed native to Xinjiang. The region has a rich history of horse sports and is implementing strategic objectives set out in the National Equine Industry Development Plan and the Xinjiang Modern Equine Industry Development Plan to aid horse breeding, training, racing and horse culture tourism. The Jockey Club will support Xinjiang in celebrating its horse racing festivals, cultivating equine talent with an international perspective and improving veterinary and horse standards – among other objectives. Engelbrecht-Bresges said that the Jockey Club is committed to national development and will leverage the advantages of the 'one country, two systems' framework – along with the Club's extensive experience and global connections – to help promote China's horse culture internationally. He was also keen to highlight Conghua racecourse in Guangzhou, which will be instrumental in supporting the development of equine industry talent, clinical veterinary care, health standards, racing tourism and other cultural activities in Xinjiang. HK Racing News Get updates direct to your inbox Sign up Best Bets Racing News By registering you agree to our T&Cs & Privacy Policy Error: Please enter a valid email. The email address is already in use. Please login to subscribe. Error, please try again later. THANK YOU You are one the list. Engelbrecht-Bresges added that the Club is confident that Yili horses have the potential to become a global symbol of China's equine culture, while highlighting the Club's commitment to supporting the development of a robust equine industry value chain in Xinjiang and the nation through sports, cultural and tourism initiatives. Conghua opened in August 2018 and has become integral to Hong Kong racing and is currently used as a training centre for a large portion of the racing population. Racing is scheduled to begin at the venue in October 2026 in conjunction with Sha Tin and Happy Valley racecourses. An exhibition meeting at the course was held in March 2019. The Jockey Club began supporting the China Horse Industry Association in developing high-quality domestic horses last year, running 45 Yili horse assessment races held in Xinjiang.
South China Morning Post
4 hours ago
- South China Morning Post
Why EU stance on Taiwan is a growing cause of concern for mainland China
This year marks half a century of formal diplomatic relations between China and the European Union as well as the 25th anniversary of the founding of the European Union Chamber of Commerce in China. In this, the fourth part of the series, Shi Jiangtao looks at how the issue of Taiwan is overshadowing the relationship. As mainland China and the European Union mark 50 years of diplomatic ties, there is growing concern in Beijing that the bloc may be undermining its one-China policy, as Brussels – and some individual member states in particular – expand informal diplomatic relations with Taiwan. Historically viewed as a diplomatic formality, Taiwan has gained increasing prominence in Beijing's relations with the EU over the past decade. This has complicated Brussels' efforts to balance between economic partnerships with Beijing, strategic alignment with Washington, and growing unofficial trade and cultural ties with Taipei. After establishing diplomatic relations with Beijing in 1975, all member states of the European Economic Community – the precursor to the EU – formally recognised Beijing as the sole legitimate government of China, a stance now mirrored by most of the world. This commitment, routinely reaffirmed in subsequent high-level exchanges, has long been seen by Beijing as a major diplomatic red line. It regards the issue as both a gauge of the EU's adherence to the one-China policy and a litmus test of Brussels' much-touted drive for strategic autonomy amid intensifying US-China rivalry. In recent years, however, several European countries have expanded ties with Taipei, seeking to actively reinterpret their one-China policy – distinguishing it from Beijing's one-China principle, even as Brussels has stepped up efforts to 'de-risk' its relationship with mainland China.
South China Morning Post
5 hours ago
- South China Morning Post
Hong Kong top talent scheme's 54% visa extension rate ‘ideal', labour chief says
More than half of the professionals admitted to Hong Kong under a top talent scheme launched two years ago have applied to extend their stay, a rate that the city's labour chief has hailed as 'ideal'. Reviewing the Top Talent Pass Scheme, Secretary for Labour and Welfare Chris Sun Yuk-han also revealed on Friday that the median monthly salary of those who had successfully extended their visas was HK$40,000 (US$5,128), while a quarter earned HK$80,000. Sun also dismissed concerns that the new arrivals had consumed Hong Kong resources, noting that half of those who succeeded in extending their stay were aged 40 or below, while saying that small details in the scheme could be enhanced. The scheme, under which a two-year visa is usually issued to successful applicants, was launched by the government in December 2022 to counter a brain drain during the Covid-19 pandemic. In a closed-door media briefing on Friday, Sun revealed that the visas of 13,678 individuals had expired as of July 31, with 7,394 or 54 per cent submitting applications for an extension. Secretary for Labour and Welfare Chris Sun. Photo: Sun Yeung Including 2,305 people whose visas had not expired before July 31 but who had already applied for extensions, the Immigration Department had received 9,699 applications in total.
