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China prosecuted 175 cases for monopolistic conduct in 2021

china-prosecuted-175-cases-for-monopolistic-conduct-in-2021

China prosecuted 175 cases for monopolistic conduct in 2021

Beijing, Jun 9 (Prensa Latina) China's regulatory authority reported that 175 cases of companies accused of maintaining monopolistic conduct in their operations were processed in 2021.
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The figure accounts for a 61.5-percent increase in relation to the previous year.

Among the companies under the magnifying glass were the e-commerce giants Alibaba and Meituan, the internet provider Tencent and the carrier Didi.

Almost all of them were found to be breaking the law by engaging in mergers, acquisitions and other activities to expand their businesses, as well as abusing their dominant position, obstructing online services and violating the rights of sellers and interests of consumers.

The investigations closed with fines worth millions for the firms involved and orders to rectify the identified infractions, with the express goal of strengthening order and government-market-society relations and curbing any inappropriate conduct in economic activity.

China launched a strategy in 2021 to achieve an environment for its internet companies, governed by fair competition, transparency and legal principles in the next five years.

The initiative contemplates the protection of the rights of each company, and proposes expanding communication with the private sector when regulations are revised or updated, and neutralizing the abuse of administrative powers and monopolistic attitudes.

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