Читать книгу Raising Awareness of Anticompetitive Behavior in the Financial Sector of the People's Republic of China - Hiroko Uchimura-Shiroishi - Страница 6

The Anti-Monopoly Law (competition law), which has been in effect since 1 August 2008, seeks to encourage competition, maintain orderly markets, and facilitate the allocation of resources through open markets in the People’s Republic of China (PRC). As provided in Article 2 of the law, the competition law oversees and regulates monopolistic conduct in all economic activities within the PRC. Under Article 12, all forms of monopolistic conduct of natural persons, legal persons, and organizations in the manufacture, sale, or delivery of goods and services within the PRC are subject to the competition law.

State agencies have a dominant role in the PRC’s financial industry, which covers the banking, insurance, trust, and securities sectors. As prescribed by law, the banking and trust industry in the PRC is supervised and regulated by the China Banking Regulatory Commission (CBRC); the insurance industry, by the China Insurance Regulatory Commission (CIRC); and the securities industry, by the China Securities Regulatory Commission (CSRC). Since the competition law took effect, however, there have been various challenges to its proper functioning. This study was done to address these challenges. In particular, it was aimed at (i) investigating impediments to the implementation of the competition law in the financial sector, (ii) examining the implications of the limited competition in the financial sector for actual economic activity in the PRC, and (iii) providing recommendations for policy makers and practitioners to improve the situation.

Part II of this study examines the provisions of the PRC’s competition law and the legislative process for those provisions, and discusses the role of the antimonopoly authorities. Part III describes the PRC’s financial industry briefly and examines the effect of the competition law on the industry, looks at monopolistic practices in the financial industry and the mechanisms for supervising and regulating those practices, and then compares the enforcement and regulation process of the competition law with that of the financial industry. Part IV presents a case study of the acquisition of Shenzhen Development Bank by the Ping An Insurance (Group) of China. Finally, Part V presents the conclusions and policy recommendations of the study.