(Feb 14): China’s market regulator summoned major online platform companies on Friday, directing them to comply with laws and regulations, and rein in promotional practices.
The State Administration for Market Regulation called in companies including Alibaba, Douyin, and Meituan and told them to eliminate all forms of so‑called “involution‑style” competition, according to a statement posted on the agency’s official Wechat account on Saturday.
“Involution-style competition,” derived from a Chinese word, refers to a race that wastes resources without improving productivity, and often eroding profitability.
Baidu, Tencent, JD.com, and Taobao Flash Sales were also among the firms summoned to the meeting.
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