Caixin
Aug 31, 2021 03:18 PM
CHINA

President Xi Says More Must Be Done to Tackle Monopolies

What’s new: At a Monday meeting, Chinese President Xi Jinping called for rules against monopolies and unfair competition to be strengthened, according to the state-run Xinhua News Agency.

Xi made the remarks while chairing a meeting of the Central Committee for Deepening Overall Reform, which reviewed and approved four guidelines including one on antitrust.

Besides toughened rules, the stringent implementation of anti-monopoly and fair competition policies is an “inherent requirement for improving the socialist market economic system,” Xi was quoted as saying by Xinhua.

He said that the country should form an environment of fair competition to create more room for small and medium-sized enterprises and better protect consumers’ rights, while promoting high-quality development and common prosperity, according to Xinhua.

The background: The authorities have recently taken steps to probe and punish anti-competitive behavior by tech giants including Alibaba Group Holding Ltd. and Tencent Holdings Ltd.

Confronting monopolies is one of the government’s top economic priorities this year, according to the government work report delivered at the annual meeting of the country’s top legislature in March.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Cai Xuejiao (xuejiaocai@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)

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