Chapter 19: Highlights of China’s new Anti-Monopoly Law
For many years, the People’s Republic of China belonged to the command economy category, as opposed to the market economy. But changes began with the economic reforms in 1978, and then in 1992 China accelerated and deepened its economic reform process. China’s Constitution, amended in 1993 with Article 15, declared, ‘The State practises a socialist market economy.’ To fulfil the task of developing such a market economy, China has been making efforts to build itself into a country under laws that fit into the global market. Especially important among these laws are those that protect competition because under a market economy the producers must put their products on the market for appraisal by consumers, and this process requires competition. In 1993, China promulgated the Law Against Unfair Competition. After more than a decade of discussions, debates, and drafting, China adopted its AML at the 29th Meeting of the Standing Committee of the 10th National People’s Congress on 30 August 2007. Based on this long history, one might easily predict there will be enforcement challenges facing China’s new AML. However, I believe that the law represents a milestone for the establishment of a Chinese comprehensive legal system because it demonstrates both the achievement of Chinese economic reform and that the allocation of resources in China is committed to market mechanisms and competition. In short, the AML’s promulgation suggests that the Chinese economic system has been basically transformed from a command economy to a market economy.
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