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    Regulator stresses market order, vitality
    Last Updated: 2021-09-07 09:07 | China Daily
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    The State Administration for Market Regulation, the nation's top market regulator, has called for strengthening supervision and law enforcement in key sectors like the platform economy, innovation in science and technology, information safety and livelihood protection to spur and protect fair competition, reinforce market order and safeguard market vitality.

    Zhang Gong, head of the administration, told a news conference on Monday the regulator will work with the departments concerned to improve the market entry system, review system for fair competition, fair competition regulatory system for the platform economy, and system to prevent and stop the abuse of administrative power to exclude and restrict competition.

    The term platform economy refers to online marketplaces and other similar operations or businesses based on computer systems that allow consumers, entrepreneurs, businesses and the general public to connect, share resources or sell products or services.

    The administration will focus on establishing an all-round and multi-level supervision system.

    The regulator will also focus on strengthening regulation against monopolies and unfair competition.

    For example, the departments concerned have made efforts to improve the competition law system to optimize a legal environment for fair competition, including formulation and revision of the laws that may curb unfair competition and monopolies, and regulate e-commerce.

    Since 2018, the administration has investigated 332 cases of attempts to create monopolies, 36,000 unfair competition cases and 118,000 violations of pricing and charging regulations.

    The regulator said it will further strengthen the legal system relating to market competition and policy publicity and training, enhance policy transparency and predictability, and guide the society to form a market environment that respects, protects and promotes fair competition.

    One of the regulator's priorities is to urge and guide companies to strengthen their awareness of, and capacity for, compliance.

    The regulator will organize guidance meetings to show the "red card" to errant players who flout the law. It will strengthen warning and fraud prevention efforts around key online-and-offline events or activities like the "Double 11" shopping festival, group purchases and shared consumption.

    Any monopoly-like behavior will lead to stern warnings or even stricter punitive measures, said Zhang.

    For example, the administration has organized guidance meetings for 34 enterprises that operate various kinds of online platforms engaged in activities like e-commerce, e-learning and e-ticketing, and required them to go in for comprehensive rectification of their operations, in order to promote fair competition in the sector.

    (Editor:Fu Bo)

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    Regulator stresses market order, vitality
    Source:China Daily | 2021-09-07 09:07
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