What is '内卷(nèi juǎn)' mean in Chinese Slang?

This term refers to a situation where people are forced to compete harder and harder just to maintain the same level of success or status, often without any real improvement in outcomes. It’s like running faster and faster on a treadmill but not actually getting anywhere. It’s commonly used to describe the pressures of school, work, or life in general, especially in highly competitive environments.