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China defends itself over anti-monopoly law
By Wang Yanlin |
August 13, 2010, Friday
|
Online Edition
Online Edition
CHINA has treated foreign companies fairly when implementing the country's anti-monopoly law, a Ministry of Commerce official said, refuting accusations by business groups that the government favors state-owned enterprises over other players in the market.
"Analyzing superficially, it is true that all cases we blocked or attached restrictive conditions involve overseas firms," said Shang Ming, director of the anti-monopoly bureau under the ministry, at a press conference in Beijing on Thursday.
"But that doesn't mean any discrimination or bias exist in the implementation of the law. It is only a reflection of real situations."
Shang said the reasons behind included the wealth requirement for companies that are put under review, which removed many Chinese firms automatically.
According to the anti-monopoly law, enterprises whose global annual revenue reach 10 billion yuan (US$1.47 billion) with at least two businesses whose sales revenues in China reaching 400 million yuan must seek government approval for a proposed acquisition.
Also, active mergers and acquisitions among multinational companies after the global financial crisis make them very apparent targets that draw more attention, Shang said.
Since the law was enforced two years ago, the bureau has examined more than 140 cases, among which five faced restrictive conditions for mergers and one was rejected -- Coca-Cola's 2008 bid to acquire Chinese fruit juice maker Huiyuan.
"Analyzing superficially, it is true that all cases we blocked or attached restrictive conditions involve overseas firms," said Shang Ming, director of the anti-monopoly bureau under the ministry, at a press conference in Beijing on Thursday.
"But that doesn't mean any discrimination or bias exist in the implementation of the law. It is only a reflection of real situations."
Shang said the reasons behind included the wealth requirement for companies that are put under review, which removed many Chinese firms automatically.
According to the anti-monopoly law, enterprises whose global annual revenue reach 10 billion yuan (US$1.47 billion) with at least two businesses whose sales revenues in China reaching 400 million yuan must seek government approval for a proposed acquisition.
Also, active mergers and acquisitions among multinational companies after the global financial crisis make them very apparent targets that draw more attention, Shang said.
Since the law was enforced two years ago, the bureau has examined more than 140 cases, among which five faced restrictive conditions for mergers and one was rejected -- Coca-Cola's 2008 bid to acquire Chinese fruit juice maker Huiyuan.
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