China's national anti-monopoly bureau was inaugurated in Beijing on November 18, 2021. /Xinhua
The Standing Committee of the 13th National People's Congress on Friday voted to pass the revision of the Anti-monopoly Law at its 35th session.
The revised law will come into force on August 1, 2022, according to the country's top legislature. It improved its safe-harbor rule to further prevent monopolistic acts and protect fair competition.
The country aims to establish the fair competition review system, formulate competition rules that are compatible with the socialist market economy, and build a unified, open, competitive and orderly market.
The anti-monopoly law-enforcement agency under the State Council is responsible for the unified enforcement of the revised law.
