Wuhan: China will promote fair market competition and speed up the building of a unified national market, Luo Wen, head of the State Administration for Market Regulation (SAMR), said Tuesday.

The country will focus on improving legal systems, policy coordination, regulation and law enforcement, and the connection of rules, to achieve these goals, Luo said at the opening ceremony of the 2024 National Fair Competition Conference of China in Wuhan, central China’s Hubei Province.

The administration will improve the legal and regulatory system to prevent market monopolies and unfair competition, Luo added. He also said that China will expand institutional opening up in competitive sectors by deepening multilateral and bilateral exchanges and cooperation in the fields of anti-monopoly and anti-unfair competition.

Fair competition is a fundamental principle of the market economy, an inevitable requirement for a unified market, and an important foundation for opening up and cooperation, Luo noted.

In recent year
s, market regulatory authorities in China have strengthened competition supervision and law enforcement, and improved the fair competition system. Positive results, including the issuance of a series of guiding documents for anti-monopoly work, have been achieved, according to the SAMR.

At the conference in Wuhan, government bodies, industry experts, enterprises, representatives from competition law enforcement agencies, chambers of commerce, and international organizations will engage in discussions and exchanges on these topics.

Source: The Namibia News Agency