Anti-involution is often compared to the 2015-18 supply-side reforms, but today's industrial landscape differs because emerging industries tend to be dominated by private enterprises. Leading sectors like solar, EVs, and batteries are not driven by the state-owned enterprises (SOEs) of the old economy. The current industrial environment requires incentives, not directives, to consolidate supply. This backdrop complicates top-down mandates and calls for a more market-oriented strategy, with a nuanced approac ...