The Standing Committee of the 13th National People's Congress on Friday voted to pass the revision of the Anti-monopoly Law at its 35th session, in an effort to foster a fair, transparent and predictable environment for business operators.

The amendment makes it clear that China aims to establish the fair competition review system, formulate competition rules that are compatible with the socialist market economy, and build a unified, open, competitive and orderly market.

Built on previous practices and experiences, the amendment improves the design of relevant mechanisms, such as encouraging innovation while protecting fair market competition, stipulating the safe-harbor rule and increasing provisions on the protection of personal privacy and information.

The revised law will come into force on August 1, 2022. The anti-monopoly law-enforcement agency under the State Council is responsible for the unified enforcement of the revised law.

(With input from Xinhua)