(1888PressRelease)
September 03, 2007 - CHINA FINANCE CENTRE, the New York based multimedia and trade exposition center expanding business ties between China and the United States, has announced its support of the new anti-monopoly law adopted by China’s legislature last week. The statement was issued by the China America Trade Association (“CATA”), CFC’s newly established policy body concerned with commercial issues impacting trade between the U.S. and China.
In announcing the CFC position, CFC president William J. Hallenbeck noted that “China clearly needs a broad-based anti-monopoly law as it seeks to reduce the size of the state-owned industries that once monopolized its entire economy. This first ever law represents an effective step toward accomplishing this vital goal.”
The new law was adopted on Thursday by the Standing Committee of the National People's Congress (NPC), China's national legislature. The anti-monopoly law is designed to ensure fair competition and regulate market order. The law, which took 13 years to adopt, will become effective on August 1, 2008.
Among the law’s provisions is a requirement that requires foreign purchasers of Chinese companies to be subjected to national security checks. This has sparked expressions of concern by some US and EU business groups. It is CFC’s position that the national security provisions largely parallel those followed in most countries.
Hallenbeck observed, “ All countries must be concerned with certain implications of acquisitions of domestic companies by foreign purchasers. However, on balance, China’s new law is mainly designed to break down the monopoly powers of state owned enterprises, offering many opportunities for U.S. businesses. This is of fundamental and critical long term importance to American interests.”
About CHINA FINANCE CENTRE (CFC)
CHINA FINANCE CENTRE (CFC) is a first of its kind, permanent conference/trade exposition facility, specifically designed to assist, increase and expand investment and business opportunities between China and the U.S. CFC has been developed as a world class, state of the art China Business Exposition- Conference Center and information resource using operations centers both on Wall Street and in mid-town at Rockefeller Center in New York City. The China America Trade Association functions as CFC’s policy division concerned with commercial issues impacting trade between the U.S. and China.
CHINA AMERICA TRADE ASSOCIATION
Policy Division of China Finance Centre
Statement In Support of China’s Anti-Monopoly Law
China America Trade Association “CATA”), the policy division of China Finance Centre of New York, fully supports the actions of the Standing Committee of the National People's Congress (NPC), China's national legislature, in adopting the country’s first ever anti-monopoly law.
CATA views the new anti-monopoly law as a positive step, which, having taken thirteen years to draft, has been carefully designed to ensure fair competition and regulate market order throughout China’s economy.
It is noted that certain concerns have been raised by some international organizations about the national security review process to which foreign investors may be subjected if they acquire domestic enterprises. CATA views this issue as a proper matter for review by any national government, it being presumed that such reviews will be administered in accordance with appropriate standards and limitations.
WJ Hallenbeck
President
China Finance Centre
515Madison Ave
New York, NY 10022
Tel 9145880216
Fax 8019269269
eMail: wjhalle ( @ ) attg dot net
Web : www.chinafc.net
