China adopts amendment to anti-monopoly law

China's top legislature on Friday passed an amendment to the Anti-monopoly Law in an effort to foster a fair, transparent and predictable environment for business operators.

The amendment, adopted after a vote at the closing meeting of the 35th standing committee session of the 13th National People's Congress, makes it clear that China will formulate and implement competition rules compatible with the socialist market economy and improve a unified, open, competitive and orderly market system.

Built on previous practices and experiences, the amendment improves the design of relevant mechanisms, such as encouraging innovation while protecting fair market competition, stipulating the safe-harbor rule and increasing provisions on the protection of personal privacy and information.

The amendment will take effect on Aug. 1, 2022.