China is in desperate need of a new anti-monopoly law with its accession to the World Trade Organization (WTO), Wang Xiaoye, a law expert from the Chinese Academy of Social Sciences (CASS), said Saturday.
Wang told the Standing Committee of the National People's Congress (NPC) at their 28th meeting which ended Saturday afternoon that the time was right for such a law, as China's economy had become deeply connected with the world's since the adoption of market principles.
Since 1980 when it enacted its first regulation on anti- monopoly, China has enforced a series of laws and regulations, including a code outlawing unfair competition in 1993 and a price law in 1997.
However, those laws and regulations could not resolve problems emerging with the growth of the market, such as inappropriate purchase or merger of enterprises by some trades, said Wang.
She also suggested that China break up monopolies in all industrial sectors, as in most developed countries, including those tightly controlled by the government, like telecommunications, electricity, natural gas, and the railways.
"By doing so, China could fulfill its commitments made upon entering the WTO," she said.
"More importantly, such measures could help enterprises in these sectors improve their productivity, service quality and management so as to benefit all consumers."
Wang further suggested that domestic and foreign companies be treated equally.
"Any monopoly activity by foreign countries would do great harm to the Chinese market," she said.
(People's Daily July 1, 2002)
