|
China passes new anti-monopoly law
2007-08-30
China's parliament on Thursday passed a long-awaited anti-monopoly law that is widely expected to make it harder for foreign firms to buy up Chinese companies, state press reported. The law, which first began being drafted in 1994, will come into effect in August next year, Xinhua news agency said. The law will require national security checks for foreign companies seeking to merge with or take over Chinese enterprises, Xinhua said. Analysts have said the new measures were prompted by fears that the increasing clout of foreign firms in China's markets are posing a high competitive burden on Chinese companies. Although China's openness to foreign investment is credited with fuelling its long-running economic boom, officials have signalled growing anxiety about the expanding power of foreign enterprises at home. The European Union Chamber of Commerce in China issued a statement welcoming the law. "The European Chamber welcomes a more open economy and a level playing field for business in China. We hope the anti-monopoly law will contribute to this," the statement said.
|  | | | Profile |
News7 | Gallery | Links | |
| |
|
|
| 
