Shang Ming, head of the Department of Treaty and Law under the Ministry of Commerce (MOC) said on August 1 yesterday that the drafting of China's Anti-monopoly Law was near completion, signaling the law's passing is imminent.
The Anti-Monopoly Law will act to protect fair competition, punish monopolistic behaviors, and help build a well-regulated marketplace.
The draft defines basic concepts, and stipulates anti-trust enforcement agencies' structure and responsibility, investigation procedure, and their legal liabilities.
The draft draws on earlier international anti-trust laws and well combines China's economic conditions, said Shang Ming.
China began drafting its Anti-Monopoly Law in 1994 and the first draft was completed in 2003. The draft is set to undergo its third review by the Standing Committee of the National People's Congress this month.