China making important progress on competition laws: EU commissioner

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Last updated at: (Beijing Time) Tuesday, November 25, 2003

China making important progress on competition laws: EU commissioner

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China is moving "smoothly and rapidly" towards clear, coherent, transparent and affective competition laws and policies, and has made "important steps" forward, said a senior official of the European Union here Monday.

EU Commissioner for Competition Policy Mario Monti told Xinhua that he was impressed by the "openness and willingness" shown by Chinese officials in cooperation on competition policy, which covers antitrust steps, cartel countermeasures, merger control, liberalization and state aid control.

Monti and Chinese Vice-Minister of Commerce Yu Guangzhou signedhere Monday a memorandum of understanding on setting up a dialog mechanism on competition policy. He is scheduled to meet Vice Premier Wu Yi Tuesday.

The memorandum of understanding was the EU's fourth bilateral cooperation document on competition policy, following others signed with the United States, Canada and Japan.

China has instituted laws and regulations against unfair competition such as price control and regional trade protection, but industrial and regional trade barriers remain a stubborn problem.

The Chinese Ministry of Commerce has promised it will speed up drafting anti-monopoly laws.

According to a senior official with the State-owned Assets Supervision and Administration Commission, the Chinese government is considering improving legislation to facilitate merger and acquisition deals concerning state-owned enterprises.

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