In 2025, efforts to curb “involution-style” excessive competition ran through China’s central government’s agenda for the entire year. With improvements in the rule of law, strengthened administrative oversight, and greater self-discipline among market entities, the “anti-involution” campaign has gradually deepened.
Industry analysts say the CPI and PPI figures in October reflect the early effects of policies designed to boost domestic demand, stimulate consumption and improve supply through “anti-involution” measures. Other experts caution, however, that involution-style competition has deep structural roots, and a single month of data is insufficient to draw firm conclusions. The road ahead remains long, and the fight against “involution” will not conclude in a single year.
As the year draws to a close, Caijing has chosen to document the new energy sector—one of the industries hit hardest by involution, and one to which the central government has devoted substantial attention. Through three in-depth reports, we record the 2025 journey of “anti-involution” across three major branches of the sector: photovoltaic equipment manufacturing, battery manufacturing and wind power equipment manufacturing.
