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China legislature passes anti-monopoly law

[JURIST] The Chinese National People's Congress [official website, in Chinese] passed anti-monopoly legislation [press release, in Chinese] Thursday aimed at protecting China's economic security and easing the Chinese economy away from state-run monopolies. The new law establishes a series of national security checks for when a foreign company acquires or invests in a domestic company and the transaction involves a national security issue. A Chinese economist told AFP that the new law indicates a policy shift away from preferential treatment of foreign investors. The new law will take effect Aug. 1, 2008.

The European Chamber of Commerce in China applauded the anti-monopoly law [press release] as a move towards a free-market system in China, and requested further clarification on what the new law would require of foreign investors. AFP has more. Xinhua has local coverage.

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