<p>随着中国一年一度的 “618” 购物节——该国最大的在线零售活动之一——逐渐升温，北京市市场监管局周四召集了主要电商平台，针对一系列营销不当行为进行约谈，标志着当局遏制所谓内卷式竞争的最新努力。北京市市场监督管理局表示，已召集了阿里巴巴集团旗下的淘宝和天猫、京东、拼多多、抖音和红点的代表。该机构在其微信账号上发布的通知中列出了多项违规行为。其中包括误导性广告行为，如 “亿元补贴” 活动，实际支出未达到宣传的金额。监管机构表示，已要求这些公司整改问题。北京市市场监管局的调查正值中国国家市场监管总局（SAMR）周四表示，已召集包括携程和美团在内的多家在线旅行社，因涉嫌不当营销火车票服务和非法收集用户数据等不当行为。SAMR 表示，已敦促这些公司遵守法律法规，保护消费者权益，避免不正当竞争。携程和美团未立即回应置评请求。国家和北京市市场监管机构的举措，正值中国当局加强对一些大型互联网平台的审查，以遏制过度竞争，恢复市场秩序。在周四的通知中，北京监管机构还指出了对促销规则披露不足和未能正确展示商家信息的担忧。这一举措是在上个月的一次会议之后进行的，当时北京市监管机构召集了十多家互联网平台，并警告它们在 618 购物节期间不要参与内卷式竞争。这个术语越来越多地被中国政策制定者用来描述过度且往往具有破坏性的竞争，这种竞争侵蚀了盈利能力和市场秩序。在周四的另一项进展中，中国邮政监管机构对快递公司 J&amp;T Express 的安全管理进行了调查。有关部门指控该公司未能充分监督其关联实体的安全管理，并未按照要求实施统一的安全措施。监管机构敦促平台 “深刻认识内卷式竞争的危害”，并转变竞争方式，从补贴战和价格战转向基于创新和服务质量的竞争。监管机构补充说，将继续监测和处理内卷行为，以维护正常的市场秩序。阿里巴巴、京东、拼多多母公司 PDD Holdings、字节跳动（抖音的拥有者）和红点未立即回应置评请求。阿里巴巴拥有《南华早报》。根据北京电商咨询公司 Dolphin 的创始人兼首席分析师李成东的说法，这项调查在一定程度上有助于解决内卷式竞争问题，但不会完全解决这一问题。李表示，监管可以帮助防止平台公司将竞争压力转嫁给商家和品牌供应商，从而形成恶性循环。但 “内卷的根本原因是供过于求，因此平台公司不得不通过低价活动来吸引价格敏感的消费者下单。这就是它们所处的市场环境，” 他说。</p>

拼多多

京东-SW

极兔速递-W

京东

PDDL

2 倍做多拼多多 ETF - KraneShares

<p>北京监管机构召集了包括阿里巴巴、京东和拼多多在内的主要电商平台，讨论在 618 购物节期间出现的营销不当行为，如误导性广告和信息披露不足。监管当局旨在遏制 “内卷式” 竞争，恢复市场秩序。同时，市场监管总局对在线旅游代理商的不当行为进行了调查，而邮政监管机构则对极兔速递的安全做法进行了审查</p>

<p>As China’s annual “618” shopping festival – one of the country’s biggest online retail events – gathers momentum, Beijing’s market regulator on Thursday summoned major e-commerce platforms over a series of marketing malpractices, marking the latest effort by authorities to curb so-called involution-style competition. The Beijing Municipal Bureau of Market Supervision and Administration said it had called in representatives from Alibaba Group Holding’s Taobao and Tmall, JD.com, Pinduoduo, Douyin and RedNote. The agency outlined a series of violations in a notice published on its WeChat account. Among the issues identified were misleading advertising practices, including “billion-yuan subsidy” campaigns in which actual spending fell short of advertised amounts. The regulator said it had ordered the companies to rectify the problems. The Beijing agency’s probe came as China’s State Administration for Market Regulation (SAMR) said on Thursday that it had summoned several online travel agencies, including Ctrip and Meituan, over alleged misconduct such as improper marketing of train-ticketing services and the illegal collection of user data. SAMR said it had urged the companies to comply with laws and regulations, protect consumer rights and avoid unfair competition. Ctrip and Meituan did not immediately respond to requests for comment. The moves by both state and Beijing market regulators come as Chinese authorities step up scrutiny of some of the country’s largest internet platforms in an effort to curb excessive competition and restore market order. In its notice on Thursday, the Beijing regulator also flagged concerns over inadequate disclosure of promotional rules and failures to properly display merchant information. The move follows a meeting last month in which the Beijing regulator summoned more than a dozen internet platforms and warned them against engaging in involution-style competition during the 618 shopping festival. The term has increasingly been used by Chinese policymakers to describe excessive and often destructive rivalry that erodes profitability and market order. In a separate development on Thursday, China’s postal regulator launched an investigation into courier company J&amp;T Express over its safety practices. Authorities alleged that the company had failed to adequately oversee safety management across affiliated entities and had not implemented unified safety measures as required. The regulator urged platforms to “deeply recognise the harm of involution-style competition” and shift away from subsidy battles and price wars towards competition based on innovation and service quality. It added that it would continue monitoring and addressing involutionary practices to maintain normal market order. Alibaba, JD.com, Pinduoduo parent PDD Holdings, ByteDance, which owns Douyin, and RedNote did not immediately respond to a request for comment. Alibaba owns the South China Morning Post. The probe could help address involutionary competition to a certain degree, but would not completely solve the issue, according to Li Chengdong, founder and chief analyst at Beijing-based e-commerce consultancy Dolphin. Li said the regulation could help prevent platform companies from passing competitive pressure on to merchants and brand vendors, creating a vicious cycle. But “the root cause [of involution] is oversupply, so platform companies have had to use low-price campaigns to attract orders from price-sensitive consumers. That’s the market environment they are operating in”, he said.</p>
<div class="lb-trans"><p>随着中国一年一度的 “618” 购物节——该国最大的在线零售活动之一——逐渐升温，北京市市场监管局周四召集了主要电商平台，针对一系列营销不当行为进行约谈，标志着当局遏制所谓内卷式竞争的最新努力。北京市市场监督管理局表示，已召集了阿里巴巴集团旗下的淘宝和天猫、京东、拼多多、抖音和红点的代表。该机构在其微信账号上发布的通知中列出了多项违规行为。其中包括误导性广告行为，如 “亿元补贴” 活动，实际支出未达到宣传的金额。监管机构表示，已要求这些公司整改问题。北京市市场监管局的调查正值中国国家市场监管总局（SAMR）周四表示，已召集包括携程和美团在内的多家在线旅行社，因涉嫌不当营销火车票服务和非法收集用户数据等不当行为。SAMR 表示，已敦促这些公司遵守法律法规，保护消费者权益，避免不正当竞争。携程和美团未立即回应置评请求。国家和北京市市场监管机构的举措，正值中国当局加强对一些大型互联网平台的审查，以遏制过度竞争，恢复市场秩序。在周四的通知中，北京监管机构还指出了对促销规则披露不足和未能正确展示商家信息的担忧。这一举措是在上个月的一次会议之后进行的，当时北京市监管机构召集了十多家互联网平台，并警告它们在 618 购物节期间不要参与内卷式竞争。这个术语越来越多地被中国政策制定者用来描述过度且往往具有破坏性的竞争，这种竞争侵蚀了盈利能力和市场秩序。在周四的另一项进展中，中国邮政监管机构对快递公司 J&amp;T Express 的安全管理进行了调查。有关部门指控该公司未能充分监督其关联实体的安全管理，并未按照要求实施统一的安全措施。监管机构敦促平台 “深刻认识内卷式竞争的危害”，并转变竞争方式，从补贴战和价格战转向基于创新和服务质量的竞争。监管机构补充说，将继续监测和处理内卷行为，以维护正常的市场秩序。阿里巴巴、京东、拼多多母公司 PDD Holdings、字节跳动（抖音的拥有者）和红点未立即回应置评请求。阿里巴巴拥有《南华早报》。根据北京电商咨询公司 Dolphin 的创始人兼首席分析师李成东的说法，这项调查在一定程度上有助于解决内卷式竞争问题，但不会完全解决这一问题。李表示，监管可以帮助防止平台公司将竞争压力转嫁给商家和品牌供应商，从而形成恶性循环。但 “内卷的根本原因是供过于求，因此平台公司不得不通过低价活动来吸引价格敏感的消费者下单。这就是它们所处的市场环境，” 他说。</p>
</div>

As 618 shopping frenzy grows, Beijing warns e-commerce giants over price tactics

- 北京市场监管局召集主要电商平台，处理营销不当行为。  
- 监管机构指出误导性广告和补贴不足等问题，并要求整改。  
- 此举旨在遏制过度竞争，维护市场秩序，促进创新与服务质量。

南华早报

GraniteShares 2x Long PDD Daily ETF

KraneShares 2x Long JD Daily ETF

阿里巴巴

阿里巴巴-W

携程网

携程集团-S

美团-W

阿里巴巴-WR

Alibaba HK SDR 5to1

京东集团-SWR

Trip.com HK SDR 50to1

美团-WR

美团(ADR)

Meituan HK SDR 5to1

随着 618 购物狂潮的升温，北京警告电商巨头注意其价格策略