China has strengthened anti-monopoly efforts and prevented disorderly expansion of capital: top regulator
China’s top market regulator will further strengthen antitrust efforts, prevent capital sprawl, and further improve the legal system to ensure fair competition.
“We will continuously strengthen the antitrust regulatory enforcement against unfair competition, pay attention to competition and industry regulatory coordination, strive to build an all-round, multi-level supervision system, firmly oppose monopolies and prevent capital sprawl,” Zhang Gong, director of the State Administration for Market Regulation (SAMR), said on Monday during a press briefing.
China has implemented a series of measures and has issued relevant laws and regulations to make its market healthier. For example, the Measures for the Supervision and Administration of Online Trading were issued in March to further regulate the online market, which has seen rapid development in China during recent years.
“We will also continue to support market innovation. We will ensure and improve people’s wellbeing and safeguard the interests of consumers,” Zhang added.
According to Zhang, to give full play to the demonstration role of major monopoly cases, China’s top market regulator will organize and hold administrative guidance meetings for 34 platform enterprises in a timely manner, so as to promote the overall regulation of competition in the platform economy.
The SAMR said that in recent years, with the rapid development of economic globalization and the digital economy, the platform sector has seen rapid growth. Undoubtedly, the platform economy will continue to play a positive role in improving the efficiency of market resource allocation, promoting profound changes in technology, industry and business models, and conveniently meeting the needs of consumers.
“But at the same time, countries around the world are also clearly aware that risks of monopoly, data security and competition disorder are accumulating. It is the common choice and practice of all countries to protect fair market competition and firmly oppose monopolies. This shows that countries around the world are highly alert to the risks of platform monopolies and are constantly strengthening anti-monopoly supervision,” said Zhang.
Zhang attributed the rapid development of the platform economy in China to the overall improvement of the country’s comprehensive economic strength and innovation strength.
By July, the number of market entities in China had increased to 146 million from 55 million in 2012. Among them, the number of enterprises increased from 13 million to 46 million, and the number of self-employed businesses increased from 40 million to 98 million. In the first half of this year, 13.94 million new market entities were established nationwide, basically returning to the pre-COVID-19 level, according to the SAMR.
Source: Global Times