The Dust Settles: AML Amendment Finalised

Nearly fourteen years after its current Anti-Monopoly Law ("AML") came into effect, China spares no efforts in strengthening antitrust enforcement and tightening relevant rules and regulations. Following the unprecedented Alibaba fines and a series of sector guidelines, that effort culminated this week, when the Standing Committee of the National People's Congress ("NPC") passed a new AML of amendments ("New AML") to the current AML, with a few revisions to the previous draft ("Previous Draft", together with an even earlier draft by State Administration for Market Regulation, the "Draft AML Amendment") issued on 23 October 2021. Although a bill of law usually takes three rounds of deliberation before passage in China, it is possible to have a piece of legislation passed after two rounds where consensus could be achieved among relevant stakeholders; the New AML appears to be such an exception.