China has amended its Anti-Unfair Competition Law for the first time. The newly amended law was adopted after a third reading by the top legislature at the bimonthly session of its Standing Committee in November and took effect starting January 1.
Proper online market competition is one of the highlights of the revision. The law states that e-commerce operators should neither deceive nor mislead consumers by faking sales volumes or user comments.
This is definitely good news for customers. The new law says business operators need to follow the principles of voluntarism, equality, fairness and integrity, or companies may be fined at least 10 times more money compared to the previous regulation.
The newly amended competition law will work well with China's anti-monopoly law and advertising law, to help better regulate the overall business sector.
For more information, please visit http://www.ecns.cn/business/2018/01-04/286863.shtml