China’s SASAC Vows to Curb ‘Involutionary’ Competition Among Central SOEs

SASAC's push against "involutionary" competition among central SOEs is a signal that Beijing sees destructive price wars and duplicated capacity as a drag on state-sector returns, not just a corporate-governance issue. The affected players are the large state groups themselves, and by extension the supply chains and commodity markets they dominate. Whether the guidance translates into actual restraint on capacity or pricing is the open question; the fourth-quarter emphasis on meeting full-year targets suggests discipline will be framed around output goals rather than structural consolidation.