Part 11/14:
Recent regulatory actions include investigations into major food delivery platforms such as Meituan, Alibaba, and JD.com, which have historically engaged in costly subsidy wars that distorted market prices. At their peak in 2025, subsidies in this sector amounted to roughly 100 billion yuan, leading to artificially low restaurant prices. While consumers enjoyed cheap meals and discounts, the macroeconomic consequences were problematic: reduced revenues for restaurants, suppressed inflation, and mounting financial strain on small businesses.