Introduction: The Illusion of Endless Growth For years, the world has looked at China’s e-commerce market as an unstoppable force, a high-tech juggernaut of relentless innovation and staggering growth. But behind the headline-grabbing sales festivals and eye-watering transaction volumes, a more complex and troubling story of stagnation, burnout, and structural crisis is unfolding. According to industry insiders, the once-vibrant ecosystem is showing signs of deep…