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China’s market regulator proposes new rules to better implement revised antitrust law

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China’s market watchdog, the State Administration for Market Regulation (SAMR), on Monday proposed new rules to better implement the recently revised antitrust law.

Nearly 14 years after its current Anti-Monopoly Law (AML) came into effect, China passed a revised version on Friday, which will come into effect on August 1.

Read more: China’s efforts to protect competition in the latest anti-monopoly law

Besides slightly amending some current rules, the SAMR added several new ones in the draft, covering descriptions of what deals could be perceived as monopolistic to regulations governing how local authorities with the power to restrict competition should behave. The regulator is seeking public comment for its proposals before July 27.

One of the new rules defined the behavioral method of leveraging digital means, including data and algorithms, technology, capital advantages and platform rules, for reaching a monopoly deal.

The rule will allow better adaptation to the needs of anti-monopoly supervision in the context of the digital economy, regulate relevant competition behaviors, and promote healthy economic development, the SMAR said.

Echoing the new AML, the draft also stipulated a safe-harbor rule clarifying specific standards and procedures to provide more certain compliance guidelines and a more predictable environment for business operators, the SAMR said.

In the antitrust law amendment, it added a safe-harbor rule to vertical monopoly behavior stipulating the law shall not prohibit market operators that can prove their market share is lower than the standard set by the anti-monopoly law-enforcement agency.

Chinese regulators began cracking down on monopolies in late 2020 in multiple industries to prevent the disorderly expansion of capital and foster fair competition. E-commerce firm Alibaba Group was fined a record 18.2 billion yuan ($2.78 billion) for violating anti-monopoly laws, while the food-delivery platform Meituan was penalized 3.442 billion yuan for abusing its market dominance.

As the revised AML increased penalty fines putting fresh emphasis on the digital economy, the cost of illegality to enterprises will be greatly increased, and enterprises will also face greater compliance tests, Beijing-based law firm JT&N said on Saturday.

Source: CGTN

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China sees net purchase of RMB bonds by overseas institutional investors in July

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China saw net purchase of its RMB bonds by overseas institutional investors in July after registering net sales for four months in a row.

Foreign institutional investors made a total of 1.0311 trillion yuan (about 152.24 billion U.S. dollars) of spot transactions of RMB bonds, including buying 518.8 billion yuan of bonds and selling 512.3 billion yuan of bonds, registering a net purchase of 6.6 billion yuan, data from the China Foreign Exchange Trade System showed.

Last month also saw an increase of eight new overseas institutional investors engaging in trade in China’s bond market. By the end of July, the Chinese bond market had 1,051 overseas institutional investors in total.

Analysts attributed the growing interest in RMB bonds to the country’s continuous economic recovery and a generally stable foreign exchange rate.

Official data released on Monday showed that China’s major economic indicators including the index of services production and fixed-asset investment posted year-on-year growths in July.

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Gov’t discusses improving digital transformation with Qatar

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Minister of Environment, Climate Change and Technology Aminath Shauna has discussed strengthening the bilateral relations with Qatar and supporting national efforts to improve digital transformation. She held the discussions alongside a ministerial delegation from the Maldives in a meeting with key Qatari institutions at the Ooredoo Group Headquarters in Doha, Qatar.

At the invitation of Chairperson of Ooredoo Maldives Fatima Al Kuwari, who facilitated meetings with key Qatari ministries and institutions in Doha, Minister Shauna travelled to Qatar with Minister of Education Dr. Aishath Ali and Minister of Arts, Culture and Heritage Yumna Maumoon. The ministerial delegation also held meetings with the senior management of the Ooredoo Group while accompanied by the Managing Director of Ooredoo Maldives Khalid Al Hamadi and the Chief Commercial Officer (CCO) of Ooredoo Maldives Hussain Niyaz.

Furthermore, Ooredoo facilitated visits to key relevant institutions including the Qatar Foundation that featured a tour of the Qatar National Library to discuss ways to collaborate and upgrade the Maldives National Library. The delegation also visited the Qatar National Museum and Katara Cultural Village which included tours of art galleries, workshops, exhibition areas, performance arenas, and other cultural museums. Ooredoo stated that its aim with these meetings was to exchange ideas and establish partnerships to further enhance the lives of the people of both Qatar and the Maldives.

 

Source: psmnews

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Customs revenue grows by 31% in July

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Maldives Customs Service has revealed that the import-export revenue for July has increased compared to the same period last year, resulting in a 31% increase in revenue.

The Maldives recorded an import-export revenue of USD21 million in July this year, which is an increase compared to USD15 million in revenue recorded in July 2021, as per the statistics published by Customs. The statistics also revealed that USD280 million in goods were imported in July, which is an increase of 56% compared to USD176 million in July 2021.

Meanwhile, Oman, India, China, the United Arab Emirates (UAE), and Singapore were the biggest contributors to imports. As such, USD52 million in goods were imported from Oman, while USD45 million in goods were imported from India, USD36 million were imported from the UAE, USD32 million were imported from China, and USD22 million were imported from Singapore.

Furthermore, goods worth USD11 million were exported from the Maldives in June 2021 while the figure stood at USD5 million in July this year, which is a decrease of 52%. The Maldives exported the highest number of goods to Germany, the United Kingdom (UK), Mauritius, Bangladesh, and India. Around 27% of the goods were exported to Germany while 23% were exported to the UK. Among the most exported items include various frozen fish products.

The statistics also revealed that 93 vessels had arrived with goods in the Maldives and 99 vessels had departed in July.

 

Source: psmnews

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