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The Chinese Anti-Monopoly Law

其他書名	Lessons for Australian Banks and Chinese Regulators
出版	SSRN, 2020
URL	http://books.google.com.hk/books?id=oZb9zgEACAAJ&hl=&source=gbs_api

註釋This research project compares the application of the competition laws of China and Australia to bank mergers, against financial regulatory frameworks and the dual objectives of competition and economic stability. As the title indicates, it seeks to identify lessons for Australian banks and Chinese regulators. A number of features dictate that the two jurisdictions will differ on many issues: ideological approach to the role of the market and the degree of appropriate government intervention; stage of economic development; nature of banking markets, particularly the extent of regulation. All of these features mean that many comparisons which could be made were not really of like with like. The research found a number of differences between approaches to merger analysis, particularly in relation to the role of competition itself. Financial stability is important in both jurisdictions. The Ministry of Commerce (MOFCOM) has the responsibility for reviewing mergers under the Anti-Monopoly Law of China (AML). There are no MOFCOM bank merger determinations under the AML at this point, but China places particular emphasis on financial stability as part of its national development agenda. This is unsurprising as despite its size and economic power China is still a developing nation. The research found that there are a number of examples where MOFCOM merger determinations in other areas of industry diverge from a pure competition-based analysis, but the divergences are generally within the terms of the AML. MOFCOM's approach is founded in the political economy of the People's Republic of China (PRC), which influences a number of features of the AML, meaning that the outcomes are uniquely Chinese. The AML is enforced by MOFCOM but questions remain about the nature of its application to mergers in sensitive industries. Despite the size of the country, market definition tends to be geographically very broad, which may also affect outcomes in all industries including banking.