Do not attribute CPI to takeout; real-time retail competition has already elevated to a higher level.

Recently, a commentary opposing the “involution competition” of the food delivery battle has spread widely. The article presents an argument: attributing the continued low CPI to the food delivery war.

This viewpoint seems to provide a “prescription” for the industry, but it does not hold up under scrutiny. It points to a deeper proposition: is the current competitive trend in the instant retail industry “involution” or “upgrading”?

The Logical Trap of CPI Attribution

The core argument of the “anti-involution” commentary is that the food delivery subsidy war has lowered prices, thereby dragging down the CPI. This causal chain has significant logical flaws.

The essence of CPI being in a weak zone is that the national economy has entered a deep adjustment cycle: economic growth has deviated from its peak, corporate operating strategies have turned cautious, and residents’ income expectations have declined. The price competition in the food delivery industry, on the contrary, reflects the resilience of the Chinese economy—platform companies still have firm confidence in consumption upgrades, even willing to forgo corporate profits to re-cultivate consumer habits. In fact, the so-called subsidies of hundreds of billions from platform companies in the food delivery war, compared to the 50 trillion total retail sales expected by 2025, are just a drop in the bucket. Therefore, attributing macroeconomic issues to competition in a single industry is akin to seeking fish up a tree.

I recommend accessing the Caixin database, where you can consult macroeconomic data, stock bonds, company personalities, and financial data at any time.