The China (Shanghai) Pilot Free Trade Zone (PFTZ) officially launched on September 29th, granting 25 Chinese and overseas companies licenses to register in the PFTZ on its first day. The General Plan for the PFTZ was announced on September 27th, with implementation rules and specific regulations to come in October. It was first approved on August 22nd, 2013 by the State Council, promising favorable currency, tax, interest rate, and other policies that will promote business activity in Shanghai and Greater China, particularly in finance, shipping, trade, logistics, and real estate industries. The PFTZ covers a total of 28 km2, encompassing four existing bonded zones in Shanghai- Yangshan Free Trade Port, Waigaoqiao Free Trade Zone, Waigaoqiao Bonded Logistics Zone and Pudong Airport Comprehensive Free Trade Zone.
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China Hands Milk Producers the Largest Anti-Monopoly Violation Fine
On August 7, 2013, the National Development and Reform Commission (“NDRC”) fined six powdered milk companies – five foreign and one Hong Kong-based – RMB668 million (approximately US$109 million) for engaging in anti-competitive practices and illegal price-fixing, the largest fine ever for an Anti-Monopoly Law (“AML”) violation in China.
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Qihoo 360 v. Tencent: A Landmark Decision under China’s Anti-Monopoly Law
On March 29, 2013, the Guangdong High People’s Court ruled that Tencent, Inc. (“Tencent”) did not violate China’s Anti-Monopoly Law (“AML”). In the first lawsuit of its kind, Beijing Qihoo Technology Co. Ltd. (“Qihoo”) sued Tencent under the AML, claiming Tencent was engaging in anti-competitive behavior. They sought ¥150 million in damages and an injunction against Tencent.
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