China Imposed Fines of Nearly $300 Mln in Anti-monopoly Crackdown in 2023

China Imposed Fines of Nearly $300 Mln in Anti-monopoly Crackdown in 2023
Photo: freepik.com 25.06.2024 304

The State Administration for Market Regulation (SAMR) released a report highlighting China's anti-monopoly efforts and legal development. 

China imposed fines of 2.163 billion yuan ($298 million) in anti-monopoly crackdowns in 2023, the SAMR said in a report released last week, which reflects China’s commitment to promoting fair competition and fostering a fair market environment.

The SAMR said it cracked down on 27 cases of monopoly agreements and abuse of market dominance, as well as 39 cases of abuse of administrative power to exclude or restrict competition. Additionally, 797 cases of business concentration have been resolved, according to the report.

The report highlights China’s anti-monopoly efforts, as well as legal development, policy implementation, fair competition advocacy, international cooperation, and regional achievements. 

The SAMR strengthened law enforcement in key areas in 2023, including the medicine sector, public utilities and construction materials. It also strengthened regular supervision of internet platforms and took proactive measures to prevent monopoly risks in industries such as aviation, transportation, oil, gas and tobacco, according to the report.

Wang Peng, a research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday that the anti-monopoly work plays a positive role in building a unified large market and in stimulating economic vitality.

“The anti-monopoly work enhances market confidence by establishing trust in market competition rules, stabilizing market expectations, attracting investment, and fostering long-term economic stability and development,”

Wang said.

Promoting fair competition will foster technological innovation and industry upgrades, leading to the emergence of new technologies, products, and business models that meet consumer needs and drive overall industry development, Wang added.

China's top legislature passed an amendment to the Anti-monopoly Law in June 2022 in an effort to foster a fair, transparent and predictable environment for business operators, the Xinhua News Agency reported.

The amendment, which went into effect in August 2022 makes it clear that China will formulate and implement competition rules compatible with the socialist market economy and develop a unified, open, competitive and orderly market system. 

Source: Ecns.cn

China 

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