Hong Kong's Antitrust Law Proposal Is Rapped for Lacking Punch
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HONG KONG -- Hong Kong's proposed competition law is raising concerns it will lack the teeth to address a key issue: the dominance of a few companies across the city.
Critics say the government hasn't indicated whether it will regulate mergers and acquisitions, a primary task of antitrust watchdogs in other economies aimed at keeping potential monopolies in check.
The government also doesn't spell out whether the regulator it proposes will be able to regulate anticompetitive structure in addition to anticompetitive conduct.
The Hong Kong government is in the midst of a three-month-long consultation on the proposed law that would target issues such as price fixing, bid rigging and production quotas, with fines of up to HK$10 million (US$1.3 million) for the worst offenders.
Frederick Ma, Hong Kong's secretary for commerce and economic development, said last month that the law will enhance economic efficiency and promote sustainable competition.
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