In the past year, news of bankruptcies, layoffs, closures, and defaults has become increasingly frequent. From tech giants to traditional industries, from startups to century-old companies, almost no sector remains untouched.

Many people think this is just a normal economic cycle, an ordinary recession. But when you extend the timeline, you see a completely different picture — this is not a cycle, but a rewriting of the underlying structure.

Over the past decade, the global financial ecosystem has been built on an unprecedented foundation: money and interest rates have been artificially suppressed for a long time. Interest rates are no longer market signals but have become policy tools; capital no longer flows naturally but is guided by central banks. On the surface, the market appears stable, but in reality, the entire system is being heavily supported. Companies burn cash to expand, engage in疯狂 mergers and acquisitions, and pursue growth at all costs — these reckless actions are not because business models are inherently healthy, but simply because financing costs have been artificially driven to unrealistic levels. This is a虚幻的 stability.

Now, the turning point has arrived. Interest rates are beginning to return to their market essence, and capital is re-evaluating risk. The entire financial system is rethinking what "cost" really means. Companies are starting to feel the pressure — not because managers are not working hard, but because the economic gravity is restarting.

Company bankruptcies are no longer isolated incidents but an inevitable contraction of the old system. When financing is no longer cheap, all business models relying on borrowing begin to collapse. Highly leveraged companies are hit first, followed by those with fragile cash flows, and eventually the entire ecosystem will need to be reshuffled.

This is not a crisis; it is a transformation.