Image: Reuters Berita 24 English - China's market regulator released draught rules and provisions on Monday that are meant to make it ...
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| Image: Reuters |
Berita 24 English - China's market regulator released draught rules and provisions on Monday that are meant to make it easier to control antitrust behaviour. This comes as the country gets ready to implement a new anti-monopoly law in August.
The State Administration for Market Regulation (SAMR) said it wanted to hear what the public thought about its proposals. These proposals include rules about how local governments should act when they have the power to limit competition.
For example, the SAMR said that companies will have to ask for an antitrust review of their planned mergers or acquisitions if one party's global annual sales are more than 1.79 billion yuan and at least two parties' domestic annual sales are more than 800 million yuan.
Late in 2020, China's government started cracking down on a number of industries. In particular, it went after its once-freewheeling "platform economy" companies for what it saw as monopolistic behaviour, fining companies like Alibaba Group and Meituan billions of dollars.
Last year, the government started to change the country's anti-monopoly law from 2008. For example, they put more emphasis on the digital economy and made fines bigger. Last week, Xinhua said that the changes will go into effect on August 1.
($1 = 6.6871 Chinese yuan renminbi)
