China's first anti-monopoly law, which requires foreign purchases of Chinese companies to go through national security checks, is expected to be put for a vote later this month after being mulled for 13 years.
The draft law is "mature and ready for adoption," the Law Committee of the National People's Congress (NPC) told the ongoing session of the NPC Standing Committee on Friday when submitting the bill for consideration.
The draft said, "besides anti-monopoly checks stipulated by this law, foreign mergers and acquisitions of domestic companies or foreign capital investing in domestic companies' operation in other forms should go through national security checks according to relevant laws and regulations if the cases are related to the issue."
The draft bill, aiming to protect fair competition, prevent and check monopolistic behavior and maintain a regulated market place, was first drafted in 1994 and submitted for the first review in June 2006, for the second review in June 2007.
The anti-monopoly law is call economic constitution, which has been in place in more than 80 countries in the world.
Lawmakers have said China's socialist market economy has turned mature over more than one decade, and in current market circumstances, the introduction of an anti-monopoly law is imperative.
Besides the draft anti-monopoly law, the week-long session will also discuss draft laws on emergency response, employment promotion, labor dispute arbitration and recycling economy, and the draft amendment to the Law on the Administration of the Urban Real Estate, the Law on Science and Technology Progress and the Law on the Prevention and Control of Water Pollution.
(Xinhua News Agency August 24, 2007)