中国领导人习近平对全国是否应聚焦于同一批高科技产业提出质疑，此举正值中国在电动汽车和人工智能领域面临价格战和产能过剩的挑战之际。习近平在一次会议上表示，新项目总是集中在人工智能、算力及新能源汽车等少数领域，并询问所有省份是否都必须发展这些产业。这些不同寻常的坦率评论，反映了对中国追求在电动汽车和人工智能领域主导地位可能带来的经济和政治反作用的日益担忧。此前，中国最高领导层已承诺解决激烈的“内卷式”竞争和价格战问题，尤其是在电动汽车行业，激烈的价格战已压缩了利润空间，并引发了对长期可持续性的担忧。中国经济在表面增长数字之下，仍面临消费者信心低迷和青年失业率居高不下的压力。

💡 习近平对国家高科技产业发展战略提出质疑，认为不应所有地区都聚焦于相同的高科技领域，如人工智能、算力及新能源汽车。这标志着对过去产业发展模式的审视和调整，旨在避免过度集中和同质化竞争。

🚗 中国在电动汽车（EV）和人工智能（AI）等战略性高科技产业的投入面临严峻挑战。行业内激烈的价格战已严重挤压企业利润，并引发了对行业长期可持续性的担忧，导致政府开始鼓励市场整合并整顿不健康的竞争行为。

📉 通货紧缩压力在中国经济中持续加剧，生产者价格指数（PPI）已连续多月下降，显示出经济需求不足的迹象。这不仅影响企业盈利，也可能因中国出口商品价格下降而加剧国际贸易紧张局势。

📈 尽管中国经济上半年GDP增长了5.3%，但增长动力很大程度上可能依赖于提前出口以规避美国关税以及临时的消费补贴。经济的深层结构性问题，如消费者信心不足和青年失业率高企，仍然是经济面临的挑战。

China's focus on EVs and AI industries is facing challenges amid price wars and overcapacity.Chinese leader Xi Jinping recently questioned if all of China should focus on the same high-tech sectors.China's top leadership has pledged to address intensive hyper-competition and price wars.

China bet big on electric vehicles and artificial intelligence — but now its top leader is starting to question whether that bet has gone too far.

On Monday, Chinese leader Xi Jinping questioned the country's single-minded focus on a few high-tech sectors.

"When it comes to new projects, it's always the same few things: artificial intelligence, computing power, and new energy vehicles," Xi said at a meeting about urban development in Beijing, the Chinese Communist Party's People's Daily reported on Thursday.

"Do all provinces in the country have to develop industries in these areas?" Xi asked.

Xi's unusually blunt remarks questioning China's industrial strategy come as the country's top leadership recently pledged to curb intense "involutionary" competition. The remarks show a shift from Beijing's usual pushback against Western criticisms over industry overcapacity and cheap exports.

The comments reflect growing concerns that China's pursuit of dominance in EVs and AI may be backfiring economically and politically.

'Involution' and a deflationary trap

The hyper-competition has become especially acute in the EV sector, where an intense price war has squeezed margins and raised alarms about long-term sustainability.

Beijing is now encouraging market consolidation and cracking down on unhealthy practices. These include abuses such as "compelling businesses to sell goods on a below-cost basis," wrote Lynn Song, ING's chief economist for Greater China, last week.

This comes as deflationary pressure is worsening. China's producer price index, or PPI fell 3.6% in June, the steepest drop in nearly two years.

That's not just bad news for businesses and China's economy. It also risks fueling trade tensions as Chinese exports become cheaper and flood global markets.

China posted GDP growth of 5.3% in the first half of the year. Much of the momentum is likely driven by export frontloading ahead of new US tariffs and temporary consumption subsidies.

Beneath the headline numbers, the Chinese economy remains under strain as consumer confidence remains depressed and youth unemployment stays high.

"It appears the persistent PPI deflation has finally caught the attention of the top leadership in Beijing," wrote economists at Nomura last week.