Neijuan

Tongping is lying flat.

So Nei Juan is about the involutionary competition.

So that's the profitless kind of competition.

It's less associated with the household sector.

That cake is only so big and everyone wants a slice so the market becomes cutthroat.

There's a Chinese term for it, neijuan, or involution.

And that's something I've heard practically in every sector these days.

And the competition comes from within.