After thirteen years of serious discussion, China passed its first national anti-monopoly law on Thursday which will take effect August 1, 2008. The new law is intended to encourage “fair competition and further open up the economy.”

Government officials have said that the new rules will not differentiate between foreign or domestic companies.  However, China has not yet released the specific wording of the law.

State-run monopolies will still be legal among specific industries such as military-related manufacturing, petroleum and civil aviation. The American Chamber of Commerce in Beijing, consulted in drafting the legislation, praised the new law.

Read the article as posted in Forbes.