How Small and Large Businesses Differ: A New Lens on the Macro Environment

From the perspective of a small business, seeing a blip on the growth curve is entirely possible—small companies are unpredictable and can defy trends at any moment. But once a company reaches a certain scale, it’s essentially forced to follow the macro environment, because at the end of the day, the big firms are synonymous with the industry itself.

If even Pinduoduo’s growth rate is decelerating, that’s a very negative signal: people really don’t have money anymore, and consumption downgrade has run its course.