Draft anti-monopoly law completed (Xinhua) Updated: 2004-10-29 14:56 China's Ministry of Commerce says it has completed
a draft anti-monopoly regulation. It says the move marks one more step in the
country's drive to become a society governed under the rule of law.
The version of "the People's Republic of China Anti-Monopoly Law" submitted
for review has been completed by the Ministry of Commerce. It includes contents
usually found in similar international regulations as well as rules against
administrative monopoly adapted to the characteristics of the Chinese market.
The current draft includes substantial amendments that identify and specify
the duties of supervisory authorities -- the Ministry of Commerce will deal with
enterprise concentration and administrative monopolies; the State Administration
for Industry and Commerce will be in charge of looking into monopoly agreements
and abuse of market dominant positions. And the National Development and Reform
Commission will supervise price agreements and bid rigging.
In western markets, Anti-Monopoly Laws are regarded as a basic economic
principle. More than 80 countries have already formulated Anti-Monopoly
Laws.
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