Call for revised competition laws

China needs to revise laws on unfair competition and implement anti-monopoly legislation to curb abuses by large transnational companies, state media quoted a commercial official as saying. The unnamed official from China's State Administration for Industry and Commerce pointed to a recent study that found some transnational companies used their market dominance to suppress competition and maximize profits. Existing laws lack provisions against certain anti-competitive acts such as selling tie-in goods, setting unfair prices and price discrimination, the official said. The report added that a draft anti-monopoly law was under consideration by the State Council's Legislative Affairs Office.