SOURCE / ECONOMY
China eyes strengthening law enforcement in battling monopolies, unfair competition
Published: Aug 11, 2021 08:58 PM
Flags at the Tian'anmen Square and atop the Great Hall of the People in Beijing.(Photo: Xinhua)

Flags at the Tian'anmen Square and atop the Great Hall of the People in Beijing.(Photo: Xinhua)





China will strengthen and improve its antitrust and unfair competition law enforcement as part of efforts to create a fair, transparent and predictable business environment in accordance with legal principles, according to the country's five-yearly plan for building a law-based government.

The legal measures aim to promote the building of a high-standard market system that is unified, open, fair and orderly, according to the 2021-25 plan jointly issued by the Central Committee of the Communist Party of China and the State Council, China's cabinet, on Wednesday.

The five-year plan is envisioned to crystallize the relationship between the government, the markets and society, and focus more on the application of the legal system to restrain inappropriate interference with micro-economic activities. 

Under the plan, China eyes protecting property rights and self-operating rights of enterprises of different ownership types in a legal and equal manner, and avoiding the abuse of administrative power to exclude and limit competitive behavior.

The country will also improve the management system of "pre-establishment national treatment" with a negative list for foreign investment, and push for institutional opening in laws, rules, management and standards. It also vowed to strengthen communication with businesses, and listen to the views of enterprises, industry associations and business chambers when formulating and revising laws and regulations, per the Wednesday joint announcement. 

Meanwhile, the country has plans to ramp up legislation in national security, scientific and technological innovation, culture and education, and anti-monopoly efforts, among other fields. 

Efforts are also expected in research as regards laws and rules in the areas of the digital economy, internet finance, artificial intelligence, big data and cloud computing, as the economy aims to shore up weak links and rely on well-functioning laws to ensure the healthy development of new business models.

Key areas that are of keen concern for average people will be the targets of tougher law enforcement, including food and medicine, transportation, financial services, and education and training.

The plan called for strengthened daily supervision and law enforcement inspections to fundamentally prevent and address legal violations when it comes to activities with big hidden risks that might have serious adverse consequences.

A mechanism for penalties and hefty fines and a lifelong ban in the case of severe violations will also be put in place to make offenders pay their due price.

Global Times 


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