China's government has made public the details of a proposed new anti-monopoly law. State media say the new law has been in the works for at least ten years, and is intended to promote economic development and competition.
Under the proposed regulations, companies would be banned from price fixing and be required to get government approval for mergers. Local officials would also be prohibited from using their authority to prevent products made in other parts of China from entering local markets. Legislators are currently reviewing the law, and are expected to pass it later this week.
It will be enforced partly by a commission made up of government officials, legal experts and economists. The cabinet-level commission will coordinate efforts currently spread throughout several government departments.