China to Attack Unfair Competition with new Ministry-level Task Force

Posted by Joachim Bartels | Nov 23, 2020 | ! Homepage Slider, ! Recent Country News, China, Regulatory, Regulatory News | 0 |

China will set up a new joint task force backed by 17 central government ministries and departments to combat unfair competition as regulators tighten scrutiny of market dominance built up by tech giants such as Alibaba Group Holding and Tencent Holdings.

The new committee will coordinate supervision of unfair competition and lead policy-setting efforts to protect market order, according to the statement.

The State Council, China’s cabinet, approved the establishment of a new committee led by the State Administration for Market Regulation with participation of ministry-level agencies including the central bank, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and the Ministry of Public Security, according to a statement released recently.

The new committee will coordinate supervision of unfair competition and lead policy-setting efforts to protect market order, according to the statement.

Source: Caixin

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