Core Points - The newly revised Anti-Unfair Competition Law will take effect on October 15, 2025, prohibiting large enterprises from delaying payments to small and medium-sized enterprises (SMEs) for goods, projects, and services [1] - The law aims to enhance the regulatory framework for unfair competition, strengthen enforcement, and maintain market order [1] Summary by Sections General Principles - The law includes five chapters: general principles, unfair competition behaviors, investigations of suspected unfair competition, legal responsibilities, and supplementary provisions [1] - It emphasizes the establishment of a unified, open, competitive, and orderly market system [1] Unfair Competition Behaviors - Large enterprises are prohibited from abusing their advantages to disrupt fair competition, including imposing unreasonable payment terms on SMEs [2] - The law addresses malicious trading and data rights violations, stating that operators cannot use fraudulent or coercive methods to obtain or use data from other operators [2] False Advertising Regulations - The law includes provisions against false advertising, requiring operators to avoid misleading claims about their products [3] - Suggestions were made to further clarify the definition of unfair competition in the digital environment, particularly regarding AI-generated content [3] Platform Competition Regulations - There is a focus on regulating platform operators' unfair competition behaviors, including the prohibition of forced low pricing and other unreasonable pricing practices [7][8] - The law aims to address issues like "malicious returns" and the misuse of platform rules that harm other operators [7] Enforcement and Penalties - The law seeks to refine the discretionary power of enforcement agencies to ensure fair and consistent application of penalties for violations [3][4] - Recommendations were made to establish joint liability for those who knowingly assist in unfair competition practices [4] Importance of the Law - The revised law is seen as crucial for promoting fair competition and protecting the rights of both operators and consumers [6][4]

Core Viewpoint - The newly revised Anti-Unfair Competition Law will take effect on October 15, 2025, aiming to enhance market competition order and establish a unified, open, competitive, and orderly market system [1]. Summary by Sections General Principles - The law includes five chapters: general principles, unfair competition behaviors, investigation of suspected unfair competition behaviors, legal responsibilities, and supplementary provisions [1]. Unfair Competition Behaviors - The law emphasizes the need to address "involution-style" competition and introduces regulations for fair competition review systems [1][2]. - It clarifies the obligations of platform operators to manage unfair competition behaviors among their internal operators [3]. Investigation and Legal Responsibilities - The law specifies the criteria for behaviors that constitute confusion-related unfair competition, such as using others' trademarks as business names or setting others' product names as search keywords [3]. - It defines the elements constituting unfair competition behaviors like infringement of data rights and malicious trading [4]. Administrative Enforcement - The law aims to tackle issues related to large enterprises abusing their relative advantages to delay payments to small and medium-sized enterprises, and it increases the administrative penalty authority's level [5]. Focus on Platform Competition - Discussions during the legislative process highlighted the need for stricter regulations on platform unfair competition behaviors, with suggestions for detailed provisions to facilitate enforcement [6]. - Specific provisions addressing "forced pricing below cost" and "large enterprises abusing their dominant position" were noted as responsive to recent developments in internet technology and business models [6]. Digital Environment Concerns - There are calls to further specify unfair competition behaviors in the digital environment, particularly regarding the misalignment of responsibilities between AI-generated technologies and e-commerce platforms [6]. - A proposal was made to introduce penalties for "aiding behaviors," where individuals or entities knowingly support others in engaging in unfair competition practices [7].

Group 1 - The revised draft incorporates a fair competition review system into the legal framework, targeting "involution" competition in the market [2][3] - "Involution" competition refers to excessive internal competition among businesses for limited resources, leading to inefficiencies and a lack of innovation [2] - The introduction of the fair competition review system aims to reduce institutional transaction costs and create a more equitable competitive environment for small and medium-sized enterprises (SMEs) [2][4] Group 2 - The revision emphasizes the responsibilities of platform operators in addressing unfair competition behaviors within their platforms, aligning with the trends of digital economy development [3] - Platforms are required to establish fair competition rules and take proactive measures to curb unfair competition, thereby protecting the rights of SMEs [3][4] - The draft clarifies the criteria for identifying new forms of unfair competition, such as trademark confusion and keyword hijacking, providing legal clarity for enforcement agencies [3][4] Group 3 - Overall, the series of revisions responds to market concerns and aligns with economic development needs, aiming to create a fair, orderly, and efficient market competition environment [4]

Core Viewpoint - The revised draft of the Anti-Unfair Competition Law aims to establish a fair competition review system and prevent large enterprises from abusing their dominant positions, particularly regarding payment delays to small and medium-sized enterprises (SMEs) [1][4][11]. Group 1: Fair Competition Review System - The draft emphasizes the establishment of a fair competition review system to ensure all operators can equally use production factors and participate in market competition [1][7]. - The draft reflects the central government's spirit of comprehensively addressing "involution" competition, enhancing regulations related to fair competition [1][7][11]. - The fair competition review system has been formally established since June 1, 2016, with over one million policy measures reviewed nationwide [8]. Group 2: Payment Obligations to SMEs - The draft explicitly prohibits large enterprises from delaying payments to SMEs, reinforcing the need for timely payments within 60 days of delivery [2][12]. - Recent commitments from major automotive companies to limit payment terms to suppliers to no more than 60 days highlight the industry's response to the issue of payment delays [3][12]. - Experts indicate that the root cause of payment delays stems from the unequal market position of large enterprises, which often leads to extended payment terms and adverse effects on SMEs [4][5]. Group 3: Addressing Involution in Industries - The automotive industry has been particularly affected by "involution" competition, where companies delay payments to suppliers to transfer cost pressures, harming the survival of SMEs [3][4]. - The draft aims to create a healthier competitive environment by preventing large enterprises from using their advantages to impose unreasonable payment conditions on SMEs [4][9]. Group 4: Legislative Enhancements - The revised regulations enhance the responsibilities of large enterprises and government agencies in ensuring timely payments to SMEs, contributing to a more stable business environment [12][13]. - The introduction of the Private Economy Promotion Law and the revised Anti-Monopoly Law further strengthens the legal framework for fair competition and timely payments [12][13].

21世纪经济报道记者王峰 北京报道6月24日，反不正当竞争法修订草案提请十四届全国人大常委会二次 审议。 草案二审稿增加规定，国家建立健全公平竞争审查制度，依法加强公平竞争审查工作，保障各类经营者 依法平等使用生产要素、公平参与市场竞争。 草案二审稿还对大型企业等经营者滥用自身优势地位扰乱公平竞争秩序作了规定，不得拖欠中小企业账 款。 近期，电商、汽车等行业整治"内卷式"竞争动作频频，草案二审稿贯彻党中央关于综合整治"内卷式"竞 争的精神，与民营经济促进法等法律法规一起，构建整治"内卷式"竞争的综合制度体系。 不得拖欠中小企业账款 近日，一汽、东风、长安、吉利、广汽、赛力斯等重点汽车企业发表声明，就对供应商"支付账期不超 过60天"作出承诺。据新华社报道，工业和信息化部相关负责人6月12日表示，支持整车企业切实践行有 关承诺。 该负责人表示，汽车企业主动承诺"支付账期不超过60天"，对构建"整车—零部件"协作共赢发展生态、 促进产业健康可持续发展具有重要意义。 "目前，汽车行业的'内卷'现象尤为突出。部分车企采取延期向供应商付款等手段，选择通过挤压供应 链来转嫁成本压力，导致汽车产业供应商生存状况持续恶化。若 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on June 24, with a fixed rate and a total amount of 406.5 billion yuan, at an interest rate of 1.40% [2] - The total amount of reverse repos maturing on the same day was 197.3 billion yuan, resulting in a net injection of 209.2 billion yuan [2] Group 2: Funding Conditions - The latest overnight financing rate in the U.S. is 4.29% [4] - The overall funding conditions are balanced, with overnight pledged repo rates for deposit institutions slightly rising but remaining around 1.37% [6] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.65%, showing little change from the previous day [8] Group 4: Government Bond Futures - The closing prices for government bond futures show a decline: 30-year main contract down 0.27%, 10-year down 0.11%, 5-year down 0.07%, and 2-year down 0.02% [12] Group 5: Key News - The 16th meeting of the 14th National People's Congress Standing Committee discussed amendments to the Anti-Unfair Competition Law, including provisions for fair competition review and regulations against data rights infringement [13] - Germany's cabinet approved a budget for 2025 that includes significant new borrowing for military funding, with net new debt projected to reach 82 billion euros this year and gradually increase to over 126 billion euros by 2029, totaling around 500 billion euros in new borrowing over five years [15] Group 6: Bond Market Events - Minsheng Bank issued 30 billion yuan of perpetual capital bonds [17] - Vanke A exercised the redemption option for its "22 Vanke 05" corporate bonds [17] - Guangfa Securities received approval for its corporate bond issuance registration from the CSRC [17] - Yunnan Copper's medium-term notes and short-term financing bonds are registered for 5 billion yuan each [17] Group 7: Negative Events in Bond Market - Several entities, including Guizhou Water City Economic Development Zone and Hubei Meitong Pharmaceutical Co., have faced negative rating events, such as being placed under rating observation or having their ratings downgraded [18]

Group 1 - The core viewpoint of the news is the revision of the Anti-Unfair Competition Law, which aims to establish a fair competition review system and strengthen the legal framework for fair competition among various operators [1][2] - The revised draft emphasizes the prohibition of forced or disguised coercion by platform operators on other operators to sell goods below cost, which disrupts market competition [1] - The draft also mandates platform operators to clarify fair competition rules in service agreements and transaction rules, and to establish mechanisms for reporting and resolving unfair competition disputes [1] Group 2 - The revised draft specifies the elements constituting unfair competition behaviors such as infringement of data rights and malicious trading, prohibiting operators from using fraudulent or coercive methods to obtain or use data held by other operators [2] - It addresses the issue of large enterprises abusing their dominant position to delay payments to small and medium-sized enterprises, stating that they cannot impose unreasonable payment terms or conditions [2] - The level of administrative penalty authorities has been elevated to provincial-level government supervision departments, enhancing the enforcement of these regulations [2]

反不正当竞争法修改拟就侵害数据权益等作出规定 智通财经6月24日电，反不正当竞争法修订草案二审稿6月24日提请全国人大常委会会议审议。修订草案 二审稿拟对侵害数据权益、恶意交易等不正当竞争行为作出规定，完善监管措施。 针对侵害数据权益、恶意交易等不正当竞争行为，修订草案二审稿完善了数据不正当竞争行为的构成要 件，拟对实践中恶意交易的多种表现形式进一步细化，如"经营者不得滥用平台规则，直接或者指使他 人对其他经营者实施虚假交易、虚假评价或者恶意退货等行为，损害其他经营者的合法权益，扰乱市场 竞争秩序。" 修订草案二审稿拟增加"国家建立健全公平竞争审查制度"的规定，依法加强公平竞争审查工作，保障各 类经营者依法平等使用生产要素、公平参与市场竞争。 加大对平台不正当竞争行为的监管力度，修订草案二审稿拟规定，平台经营者不得强制或者变相强制平 台内经营者按照其定价规则，以低于成本的价格销售商品，扰乱市场竞争秩序。 进一步修改完善相关规定，合理设置平台经营者的义务。修订草案二审稿拟规定，平台经营者应当在平 台服务协议和交易规则中明确平台内公平竞争规则，建立不正当竞争举报投诉和纠纷处置机制，引导、 规范平台内经营者依法公平 ...

Group 1 - The draft amendment to the Anti-Unfair Competition Law prohibits large enterprises from delaying payments to small and medium-sized enterprises (SMEs) for goods, projects, and services [1][2] - The draft specifies that large enterprises must not abuse their advantages in capital, technology, transaction channels, and industry influence to impose unreasonable payment terms on SMEs [1] - The draft establishes a fair competition review system to ensure that all types of operators can equally use production factors and participate in market competition [1] Group 2 - Platform operators are prohibited from forcing or indirectly forcing platform operators to sell goods below cost, which disrupts market competition [1] - The draft requires platform operators to clearly define fair competition rules in service agreements and transaction rules, and to establish mechanisms for reporting and handling unfair competition [2] - If unfair competition is detected among platform operators, necessary measures must be taken promptly, and relevant records must be preserved and reported to the appropriate government supervision department [2]

Group 1 - The draft amendment to the Anti-Unfair Competition Law is set for a second review by the National People's Congress Standing Committee, focusing on clarifying the elements of data rights infringement and malicious trading as unfair competition behaviors [1][2] - The amendment aims to address "involution" competition among platforms, enhancing regulations on fair competition review systems and improving the coordination mechanism for anti-unfair competition work [1] - The responsibilities of market regulatory authorities in combating unfair competition will be clearly defined, along with the obligations of platform operators to address unfair competition behaviors among their internal operators [1] Group 2 - The amendment specifically targets the misuse of trademarks and the use of others' product names or company names as search keywords, further clarifying the standards for confusing unfair competition behaviors [1][2] - The draft also emphasizes resolving issues related to large enterprises abusing their relative advantages to delay payments to small and medium-sized enterprises, and it proposes increasing the administrative penalty authority [2]