China warned antitrust probes may affect US relations

Article by Christian A., on September 17, 2014

United States Treasury Secretary Jack Lew has sent a letter to Chinese Vice Premier Wang Yang warning that recent antitrust probes against foreign carmakers and other companies might affect the relations between the two countries, The Wall Street Journal reported. According to the paper, Lew said in the letter that China's focus on foreign companies could devalue foreign intellectual property.

The paper, citing people briefed on the contents of the letter, said it was sent in recent days. China has placed under probe at least 30 foreign companies, including US-based firms like Microsoft Corp. and Qualcomm Inc. China has been trying to implement an anti-monopoly law passed in 2008. Critics, however, has claimed that China has been using that law to target unfairly foreign companies.

Chinese regulators have already imposed penalties against carmakers -- a local venture of Volkswagen AG and the China sales unit of Chrysler -- for allegedly violating the law. The units were being made to pay a $46 million fine.

Following talks on the US-China Strategic and Economic Dialogue in July, the Treasury said China recognized that the competition policy should promote consumer welfare and economic efficiency and enforcement of related law should be fair, objective, transparent, and non-discriminatory.

Four leading international business lobbies have already expressed concern over the probe by China. Among theor concerns include foreign companies being unfairly targeted as well as the use of strong-arm tactics by regulators.

China's anti-monopoly regulators, however, said they are not targeting foreign firms, adding that the enforcement work is fair and transparent.

If you liked the article, share on:

Topics: china

Comments

Recommended

Dubai is one of the few countries where expensive cars are the norm, many of which are specially modified as well. And this just in: Bentley has debuted the new...
by - November 21, 2017
The 2018 Jaguar XEL with its stretched-out wheelbase and longer doors is the newest addition to the growing list of premium sedans in China---joining the ranks of Mercedes-Benz C-Class L,...
by - November 21, 2017
Honda this week announced that its all-new 2018 Clarity Plug-in Hybrid will arrive at US dealerships with a starting price of $33,400 beginning on the first of December. Because the...
by - November 21, 2017
Lamborghini had been expected to refresh its entry-level model – the Lamborghini Huracan – in late 2018 or early 2019. But here is some good news for fans of the...
by - November 20, 2017
The Chevrolet Corvette will be turning 65 years old in 2018, and as part of the celebrations, the brand is introducing a special edition C7 – the Chevrolet Corvette Carbon...
by - November 19, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries