The draft anti-monopoly law will be submitted to the Standing Committee of the National People's Congress (NPC), or China's legislature, for first read at the upcoming legislative session.

The information was released by the spokesman of the General Office of the NPC Standing Committee here on Wednesday.

He said according to the agenda proposed by the NPC Standing Committee chairman and vice-chairpersons meeting, the draft anti-monopoly law will be discussed at the 22nd session of the 10th NPC Standing Committee, which will be held from June 24 to 29.

Anti-monopoly law is important in regulating market economy, as it promotes full and equal competition in market.

In recent years, some overseas companies monopolized and restricted competition in certain industries in China after merging some major homegrown companies. The phenomenon severely threatened China's economic security, so it is necessary to promulgate anti-monopoly law.

Source: Xinhua