China's new Antimonopoly Law goes into effect today. This comprehensive antitrust makeover is celebrated in some quarters as a significant step in China's transition to a market economy. But the new law is also worrisome, for it could be used to protect national corporate champions while keeping foreign corporations out of the Chinese market. And if China follows this course, the options for the rest of the world are grim.
On its face, the new Chinese law is neutral. It subjects...
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