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Lester Ross, Aug 11, 2008
China’s new Antimonopoly Law should generally be welcomed as an important milestone on the path of China’s transition from a centrally planned, largely state-owned economy to a market-based, predominantly private-owned economy. China is following the path of more mature market economies which have established competition law regimes to regulate, however imperfectly, certain excesses of a market-based economy. China’s transition also has important political implications as the reduction in the role of the state creates more space for interests at a greater remove from state control to develop. The AML presents major challenges with respect to enforcement, however. China’s ability to enforce the AML in a fair, comprehensive, and transparent manner will affect the development of China’s economy including, but not limited to, foreign investment.
