Chapter 9: The prospect of anti-monopoly legislation in China
Since the fall of the Berlin Wall, privatization, a reduction in administrative intervention, and anti-monopoly measures have become the general trend of economic policies around the world. As a result, various countries have sped up the creation and implementation of their own anti-monopoly legislation. Currently, anti-monopoly laws exist not only in economically developed countries but also in many developing countries in Asia, Africa, and Latin America. The countries that have made the most progress in this area are those within the former Soviet Union and Eastern Europe. Most of these countries adopted anti-monopoly laws in the early 1990s when they made the transition from a planned economy to a market economy. China adopted the Law of the People’s Republic of China Against Unfair Competition in September 1993, but has yet to promulgate a special Anti-Monopoly Law. However, with the increasing marketization of the Chinese economy, and with China’s admission to the WTO on 11 December 2001, the call for the speedy adoption and promulgation of an Anti-Monopoly Law is now much louder. The promulgation of an Anti-Monopoly Law undoubtedly will promote economic and political reform in China. The Chinese Constitution, revised in 1993, stipulates that ‘[t]he State implements a system of socialist market economy’. China ultimately will abandon its planned economy (whereby there is administrative management of the national economy) and replace it with a market economy (whereby a market mechanism regulates the allocation of resources and economic development).
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