Competition Laws and Policies in China and Hong Kong: A Tale of Two Regulatory Journeys
- Publication Type:
- Journal Article
- Journal of International Trade Law and Policy (JITLP), 2008, 7 (2), pp. 186 - 202
- Issue Date:
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This paper retraces some of the key factors leading to the enactment of competition law in PRC and the prevailing debates for such laws to be enacted in HK. The regulatory journeys of one country under two different administrations is another interesting dimension, where one is a modern economy under a quasi-democratic government, the other is a developing one, labelled as a âmarket economy with socialist characteristicsâ under a centralised socialist government. We begin with a brief introduction to the PRC AML, followed by an overview of the act, and then address the uncertainties in various provisions as well as enforcement issues. Next part devolves into the debates in enacting competition law in HK, which til date has yet to become law. Despite the detailed proposal transplanting many ideas from the laws of other modern economies, they are some provisions that are either weak or continues to safeguard the interest of monopolies in selective sectors. This article concludes with some insights from the trials and tribulations of the new PRC law and HKâs drawn out policy dithering. Central to the experiences for both administrations is to balance between conventional wisdom in economic laws and domestic economic interests. Since, the laws in PRC are newly enacted and HK is still in the drafting process. The arguments highlighted in this paper tend to address the current concerns. The value of this comparative paper is to reveal the choice of regulatory strategies in HK and PRC.
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