Xue Wuchang: The Anti-monopoly Law of the People's Republic Of China will be implemented on August 1st

by changkaiji on 2008-07-26 14:41:24

After fourteen years of preparation, China's Anti-monopoly Law was passed by the National People's Congress on August 30, 2007, and came into effect on August 1, 2008. Currently, China's monopolistic state-owned enterprises control industries such as energy, telecommunications, steel, non-ferrous metals, etc., and prices in these sectors are entirely manipulated by monopolistic enterprises to maintain their monopoly profits! The soon-to-be-implemented Anti-monopoly Law explicitly stipulates that "large state-owned enterprises are prohibited from using their dominant position to harm consumer interests. In industries where the state-owned economy holds a controlling position, which are vital to the national economy and national security, as well as industries legally subject to exclusive operation or monopoly, the state will legally supervise and regulate the business practices of operators and the prices of their goods and services, protecting consumer interests." Recently, *The Economist* published an article titled *The land of the mega-monopoly is about to adopt an antitrust law* (A law against mega-monopolies is coming to the land of mega-monopolies), offering a vivid metaphor for this development.