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People's Daily Commentary Suggests to Break 'Involution Competition', Rely on Tech Innovation to Win Future
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Amid fierce competition in the automobile industry in Mainland China, the state-run media outlet People's Daily published a commentary on Monday (14th), suggesting the need to break the rat-race style competition ("nei juan"). Competition is a norm in a market economy, but engaging in price wars and "nei juan" only promotes the phenomenon of "bad money driving out good". Simply lowering prices will ultimately result in no winners; only by relying on technological innovation and industrial upgrading can one win the future. AASTOCKS Financial News Website: www.aastocks.com |
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