As the period covered by China’s next five-year plan begins, the official newspaper of the country’s ruling Communist Party urged local governments to curb the herd behaviour that could fuel “involution” – the fierce competition that has driven down prices and undermined sustainable growth within several industries.
“China has a vast territory, and the imbalances between regions and between urban and rural areas remain significant. There is no one-size-fits-all solution for high-quality…