No, sociologists use the term involution to describe Asian rice farmers. These farmers poured an increasing amount of labor into their tiny patches of land to extract the last bit of productivity, yet despite their hard work, they remained poor.

The younger Chinese generation views their economic situation much in the same way: forced to overwork, with surprisingly little personal gain. They are typically not capital owners at all.

Note: the term is sometimes translated to “内旋” (“inward spiral”) in Japanese, which I believe conveys the nuance better.