China will speed up work on a long-awaited anti-trust law that is expected to address concerns over both foreign and government monopolies, state media said on Thursday.
A draft of the law had been handed to the State Council, China's cabinet, and sent to other government offices for review and comment, the China Daily quoted Shang Ming, head of the Commerce Ministry's anti-trust office, as saying.
"The draft anti-trust law contains articles regulating monopoly agreements abuse of dominant market status, large-scale consolidations and administrative monopolies," Shang was quoted as saying.
Shang gave no timetable for the law, which has been in the works for a decade, but China has voiced increasing concern over possible abuse of market position, particularly by foreign companies.
But Shang also took aim at government monopolies, saying that local protectionism threatened China's efforts to create a market economy.
"Administrative monopolies are a problem that more attention should be paid to in the anti-trust law," Shang said.
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