China unveils new fair-competition regulations in ongoing push to unify domestic market

China has revised its fair-competition review system that aims to curb monopolies and widen market access, in another attempt to shore up investor confidence at a time when the nation is struggling to grease the wheels of domestic demand.

The updated version of China’s fair-competition regulations, to take effect on August 1, stipulates that there should be no restrictions to market entry nor exit, nor on the free flow of goods or business operations, according to a State Council announcement on Thursday night.

However, exemptions from the amendments could be made in specific situations that “defend national security and development; boost science and technology advancement; strengthen innovation; help with environmental protection and energy efficiency; or are for disaster relief and in the public interest”.

The new standards will be part of the fair-competition-review system, first introduced in 2016, and local governments have also been newly given the authority to conduct self-reviews and make amendments under the latest announcement.

“It is necessary to introduce regulations for fair-competition reviews to implement details of fair competition and anti-monopoly laws and systems,” said the official statement, attributed to an unnamed spokesperson for the Ministry of Justice and the State Administration for Market Regulation.