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(Xinhua) Updated: 2004-10-29 14:56

China's Ministry of Commerce says it has completed a draft anti-monopoly regulation. It says the move marks one more step in the country's drive to become a society governed under the rule of law.

The version of "the People's Republic of China Anti-Monopoly Law" submitted for review has been completed by the Ministry of Commerce. It includes contents usually found in similar international regulations as well as rules against administrative monopoly adapted to the characteristics of the Chinese market.

The current draft includes substantial amendments that identify and specify the duties of supervisory authorities -- the Ministry of Commerce will deal with enterprise concentration and administrative monopolies; the State Administration for Industry and Commerce will be in charge of looking into monopoly agreements and abuse of market dominant positions. And the National Development and Reform Commission will supervise price agreements and bid rigging.

In western markets, Anti-Monopoly Laws are regarded as a basic economic principle. More than 80 countries have already formulated Anti-Monopoly Laws.

http://www.chinadaily.com.cn/english/doc/2004-10/29/content_386950.htm