The draft anti-monopoly law was submitted to the Standing Committee of the National People's Congress (NPC), or China's legislature, for first deliberation in Beijing on Saturday

The aim of the law is to protect fair competition, prevent and check monopolistic behavior and maintain an orderly market place..

The 22nd session of the 10th NPC Standing Committee is to be held from June 24 to 29.

The draft law bans monopolistic agreements, such as price-fixing and other forms of collusion and provides for investigation and prosecution of monopolistic practices.

The draft law bans monopolies wielding their dominant status to curb competition.

It would help open some markets wider to foreign competition, at the same time would help prevent foreign companies from acquiring "more and more Chinese firms" and help safeguard national economic security.

A special anti-monopoly commission, which consists of officials and experts, will be set up to deal with anti-monopoly cases, according to the draft law.

Source: Xinhua