Major economic policies boost recovery in 2021(4)

Steps announced to curb monopolies

A man takes a photo of China's national anti-monopoly bureau in Beijing on Nov 18, 2021. （Photo/Xinhua）

2021 is a big year for China to counter monopolies, and authorities have taken a series of measures to regulate enterprises' market behaviors for fair play.

China's State Council issued antitrust guidelines on the country's platform economy, addressing economic and social activities facilitated by platforms, on Feb 7, signaling strengthened antitrust enforcement against monopolistic behaviors in the country's internet platform sector.

The country's draft amendment to the Anti-Monopoly Law was submitted on Oct 19 to the National People's Congress Standing Committee, the top legislature, for review. China's national anti-monopoly bureau was inaugurated in Beijing on Nov 18, which aims to strengthen anti-monopoly supervision in the country.

China has made great efforts to ensure market players have a good business environment for fair competition and ensure market entities' rights are well protected by providing policy and institutional supports.

Policy to further support innovative SMEs

Staff members work at the Beijing Stock Exchange on Sept 14, 2021. （Photo by Dai Bing/for China Daily）

China set up the Beijing Stock Exchange on Sept 3, aiming to build it into a major base for serving innovative small and medium-sized enterprises.

With 1 billion yuan ($154.73 million) in registered capital, the Beijing Stock Exchange started trading on Sept 15, with the first group of 81 companies debuting on the bourse.

The launch of the BSE is another effort made by the Chinese government to incentivize financial institutions to invest in SMEs after setting-up the STAR Market in Shanghai in 2019 and ChiNext in Shenzhen in 2009.

STAR Market in Shanghai focuses on hard technology and national strategies. ChiNext in Shenzhen is an integration of traditional industries and new technologies, industries as well as business models.