After a long gestation period, China has finally got its own antitrust law, here (sorry folks, in Chinese only) is a commentary by Citibank's China economist Shen Minggao who previously taught at Peking University and got his Ph.D. in economics from Stanford University.
Bottom line:
《反垄断法》明确将“国有经济占控制地位的关系国民经济命脉和国家安全的行业”排除在反垄断范围之外。这一特例相当于通过法律的形式确定了国有企业垄断的合法性。与市场经济国家的反垄断法不同，国家安全一般是针对外资并购而言的，而在中国，非国有企业也受到了与外资企业同等的待遇。 由于法律没有规定哪些行业属于关系国民经济命脉和国家安全的行业，事实上存在着这样的可能性，即凡目前国有占控制地位的行业都属于需要保护的行业。
A one line summary: Existing privileges enjoyed by SOEs are exempted from the law.
1 comment:
Hey Gary, long time no see. This is Simon Lee from the Lion Rock.
Seems your blog has gotten more attention lately.
By the way, the antitrust legislation in Hong Kong, or competition law, as the bureaucrat frames, postponed and there will be a second round consultation.
Interested in writing a piece for us?
By the way, for privately held companies in mainland, whether or not there is an antitrust, the policy uncertainty alone is sure enough to achieve the same effect of having a piece of antitrust legislation.
Legislating antitrust is perhaps only a reiteration of reality.
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