Friday, August 01, 2008

China implements anti-monopoly law from Friday

China's first anti-monopoly law, which was proposed 15 years ago and was not passed until last year, takes effect from Friday and expects to play a major role in promoting an environment of fair competition.

The law, seen by some as the "constitution for the market economy", is regarded by investors and legal experts as a landmark law in China's transition to market economy and further opening up.

Business groups and legal experts generally welcome the long-awaited law, passed last August after years of debate, saying it is basically in line with international practice and should help promote fair competition.

According to sources, three government bodies - the Ministry of Commerce, the National Development and Reform Commission and the State Administration for Industry and Commerce - will enforce the law.

The railway, telecommunication, petroleum, auto and software industries are said to be impacted by the law, said domestic experts.

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