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State Council Unveils Fair Competition Review System

The State Council has recently issued the Opinions on Establishing the Fair Competition Review System in the Development of Market System to promote the orderly implementation of the fair competition review system. Starting from July 2016, departments of the State Council, provincial-level governments and their subordinate departments must carry out fair competition review when formulating relevant policies and measures. They should also sort out and abolish in an orderly manner rules and practices that impede the formation of a unified national market and fair competition.

The Opinions called for the strengthening of review and safeguard measures for fair competition. The Anti-Monopoly Commission of the State Council must give play to its functions and role in organising, coordinating and guiding anti-monopoly work, study and formulate relevant competition policies, and organise the investigation and assessment of the overall state of market competition in order to lay a solid foundation for the promotion and gradual perfection of the fair competition review system. All localities and departments must formulate target-specific policies and measures in accordance with the requirement of establishing the fundamental position of competition policies, promptly study problems of market regulation in new economic spheres, continuously improve the rules of market competition, and speed up the formation of a unified and open market system characterised by orderly competition.

The Opinions pointed out that a unified and open market system characterised by orderly competition is what makes it possible for the market to play a decisive role in the allocation of resources. The establishment of a system of fair competition review and the prevention of excessive improper government intervention in the market will help achieve maximum efficiency and effectiveness in resources allocation on the basis of market rules, market prices and market competition. China must rely on innovation to promote sustained and healthy economic development as it enters a state of “new normal”. Enterprises are the main actors of innovation, while fair competition is an important driving force.

Content provided by Picture: HKTDC Research
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