Hainan FTP takes the lead in optimizing fair market competition

Recently, Hainan took the lead nationwide in enacting regulations in the fields of fair competition and anti consumer fraud in order to establish a unified, open, competitive, and orderly market system as well as a rule-of-law based business environment for the Hainan Free Trade Port (FTP).

These regulations, approved by the 30th session of the Standing Committee of the Sixth People's Congress of Hainan Province on September 29, are the first group of ancillary regulations for the Hainan Free Trade Port Law, which took effect in June.

According to information released at a press conference held by the Information Office of Hainan Province on October 9, the regulations on fair competition stipulate that market players should enjoy equal treatment, market access should be made easier, and administrative power in market activities should be restrained and regulated so as to strengthen the foundations of competition policies.

In addition, the Hainan FTP will reinforce international cooperation in formulating competition policies by drawing upon the rules of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and related experience in the Hong Kong Special Administration Region, in a bid to create a sound, fair competition environment.

In order to combat consumer fraud, the regulations, as the first special local legislation in this field in China, focus on intensified, classified disciplinary sanctions for consumer fraud violations in Hainan, especially violations of consumer trust in the tourism market.