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Qualcomm fine shows China's resolve to regulate market

China's record fine on Qualcomm shows its firm resolve to root out business malpractice and create an environment for fair competition both at home and abroad.

The U.S. mobile chip-maker agreed to pay a 975-million-U.S. dollar fine after it was found to have abused its market dominance in violation of China's Anti-Monopoly Law.

Starting last year, the high-profile investigations into Qualcomm and other multinationals including Microsoft stirred unease in the Western business circles and in Western media, which accused China of targeting foreign firms.

However, their concerns were easily proved to be misplaced as state-owned giants China Telecom and China Unicom have been subject to anti-trust probes since 2011 while best-known alcohol makers Kweichow Moutai and Wuliangye were each fined more than 200 million yuan in 2013 for monopoly.

As no company is granted impunity in China, being a Chinese or foreign firm makes no difference.

In the case of Qualcomm, the company's practices "hampered innovation and technology development, harmed consumers' rights and interests, and violated China's relevant anti-monopoly rules," according to an statement issued by the National Development and Reform Commission.

The hefty fines indicate China's strong determination to maintain market order and create a better investment climate.

Speaking at the World Economic Forum at Davos last month, Chinese Premier Li Keqiang stressed the need to create a better market environment for fair competition as part of the efforts to comprehensively deepen reforms.

China is committed to creating a favorable "soft environment" that features better market regulation and a world-class business environment established on market principles and the rule of law, Li said.

It is obvious that a clean, orderly and robust Chinese market with increasingly smaller room for malpractice is favorable for both domestic and international companies.

Viewed as signs that the world's second-largest economy is working harder to make companies comply with regulations and build a level playing field, China's anti-monopoly and anti-corruption efforts undoubtedly deserve applause.

[Source: By Xinhua Writer Sun Ding, Xinhua, Beijing, 10Feb15]

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small logoThis document has been published on 11Feb15 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.