Wuhan—In a significant policy announcement, China has declared its intention to expedite the creation of a unified national market to enhance fair competition, as stated by Luo Wen, head of the State Administration for Market Regulation (SAMR), during the 2024 National Fair Competition Conference of China.

According to Namibia Press Agency, Luo outlined the country’s strategy which includes enhancing legal frameworks, ensuring better policy coordination, refining regulation and law enforcement, and integrating rules to foster a competitive market environment. These remarks were made at the conference’s opening ceremony held in Wuhan, the central city of Hubei Province. “The administration will improve the legal and regulatory system to prevent market monopolies and unfair competition,” Luo added, emphasizing the strategic moves towards opening up China’s competitive sectors through deepened multilateral and bilateral exchanges and cooperation in anti-monopoly and anti-unfair competition fields.

Luo further highlighted that fair competition is not only a core principle of the market economy but also a crucial foundation for the country’s efforts in opening up and global cooperation. He noted the recent positive outcomes achieved by China’s market regulatory authorities, including enhanced competition supervision, strengthened law enforcement, and the development of a more robust fair competition system. The issuance of various guiding documents aimed at bolstering anti-monopoly measures was also mentioned as a part of these achievements.

The conference in Wuhan features a broad array of participants including government officials, industry experts, business leaders, representatives from competition law enforcement agencies, chambers of commerce, and international organizations, all gathered to discuss and exchange views on advancing China’s market policies.