(Xinhua)
Updated: 2007-09-01 15:22

The American Chamber of Commerce of China (AmCham-China) has said that it welcomes the promulgation of the new Anti-Monopoly Law as a positive step in China's economic development.

AmCham-China Chairman James Zimmerman on Friday described the law as a "defining moment in the development of China's legal system, which establishes a basic framework to build a fair, uniform, and national competition law system that benefits consumers by recognizing and preserving the incentives to compete."

The law was passed by China's top legislature on Thursday and will come into effect on August 1, 2008.

Over the past seven years, the Chinese government has invited the chamber and its members to provide written comments on various drafts of the Anti-Monopoly Law.

"We applaud the Chinese government for receiving extensive comments and suggestions from foreign enforcement authorities, scholars, antitrust lawyers, and industry groups," said Zimmerman.

AmCham-China appreciates the Chinese government's willingness to consider the experiences and perspectives of foreign countries in formulating its competition policy, he said.

According to Zimmerman, the promulgation of the Anti-Monopoly Law is only the first step in the establishment of a comprehensive, nationwide competition regime.

The chamber looks forward to further efforts to enhance law enforcement, he said.

Zimmerman expressed the hope that China's competition authorities will focus on modern economic principles and prevailing international practices when applying the law.

AmCham-China is an organization representing the interests of more than 2,400 US companies and individuals engaged in business in China.