The push by Pinduoduo to lower prices has helped it become one of China’s fastest-growing e-commerce apps, and epitomizes a broader force plaguing the economy.

A real estate collapse has made consumers cautious and businesses wary, as China confronts a crisis unlike any other since it opened its economy to the world.

Walmart has divested as its e-commerce partner has struggled to maintain its market share in the country’s cutthroat online sales industry.