Fine signals zero-tolerance towards foreign cartels

 BEIJING, Jan. 5 (Xinhua) -- For the first time, China has fined overseas companies for price-fixing on the mainland, which is a strong signal that the country will not tolerate foreign cartels any more and is committed to maintaining market discipline by law.

The country's top price regulators said Friday it ordered Samsung, LG and four Taiwanese makers¹ of LCD display screens to pay 144 million yuan (22.9 million U.S. dollars) in fines and return 172 million yuan of extra payment to Chinese mainland buyers, besides confiscating² 36.75 million yuan of their illegal gains.

The six companies were fined for price-rigging between 2001 and 2006, according to the National Development and Reform Commission (NDRC).

The settlement is the highest paid by overseas companies in China, though smaller compared to those imposed by the United States and Europe.

Media reports said the U.S. Department of Justice has been awarded 1.4 billion dollars in fines by courts while EU officials have imposed a total of 1.3 billion euros in penalties.

The NDRC explained the difference came because China acted under its pricing law that bases penalties on the improper³ income from individual sales, while Western anti-monopoly laws base fines on a company's total revenue. China's first anti-monopoly law was not enacted⁴ until 2008 and cannot be applied⁵ retroactively.

Considering the smaller amount, the move is symbolic⁶ rather than punitive⁷. It shows the country's firm stance against monopoly and commitment to the market economy under the rule of law.

It is virtually inarguable that the robust⁸ competition is the most effective means to enhance consumer welfare as it stimulates⁹ efficiencies and results in lower prices, better products and services, and choice for consumers. Moreover, competition breeds innovation, creativity and entrepreneurship at unmatched rates.

The world's major economies have outlawed¹⁰ the creation of monopolies. As early as in 1890, the United States Congress enacted Sherman Antitrust Act, the first legislation to curb¹¹ concentrations of power that interfere¹² with trade and reduce economic competition.

Protecting competition has become the norm in mature market economies.

A recent example is Microsoft's decade-long battle with the European Commission. The world's largest software company has already been penalized¹³ to the tune¹⁴ of 1.6 billion euros in the last decade for infringing¹⁵ EU antitrust rules.

After China opened up more than three decades ago, many foreign companies entered this huge market with a sense of superiority developed when local government officials extended their welcoming arms for big taxpayers¹⁶.

Some large multinational¹⁷ companies even took advantage of the country's slack supervision¹⁸ and lagging legislation. For instance, Unilever (China) Co., Ltd. was fined merely 2 million yuan in 2011 over statements it made regarding planned price hikes in China. But in Europe, it was fined, together with another consumer goods giants Procter & Gamble, a total of 315.2 million euros for fixing washing powder prices during the same period.

The new leadership of China's ruling Communist Party has reiterated¹⁹ its adherence²⁰ to the opening up and reform policy. The first fine over foreign cartels is just the beginning of stricter law enforcement. Overseas companies in China should focus more on the future, instead of immediate²¹ earnings²².

1 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

2 confiscating   

没收（confiscate的现在分词形式）

参考例句：

• There was Mame by my side confiscating my intellects and attention. 有玛米坐在我身边，害得我心不在焉。
• Intimidate book sellers by confiscating books deemed unfavourable to the Barisan government. 充公被视为对国阵不利的书籍，威胁书商。

3 improper   

adj.不适当的，不合适的，不正确的，不合礼仪的

参考例句：

• Short trousers are improper at a dance.舞会上穿短裤不成体统。
• Laughing and joking are improper at a funeral.葬礼时大笑和开玩笑是不合适的。

4 enacted   

制定（法律），通过（法案）( enact的过去式和过去分词 )

参考例句：

• legislation enacted by parliament 由议会通过的法律
• Outside in the little lobby another scene was begin enacted. 外面的小休息室里又是另一番景象。 来自英汉文学 - 嘉莉妹妹

5 applied   

adj.应用的；v.应用，适用

参考例句：

• She plans to take a course in applied linguistics.她打算学习应用语言学课程。
• This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。

6 symbolic   

adj.象征性的，符号的，象征主义的

参考例句：

• It is symbolic of the fighting spirit of modern womanhood.它象征着现代妇女的战斗精神。
• The Christian ceremony of baptism is a symbolic act.基督教的洗礼仪式是一种象征性的做法。

7 punitive   

adj.惩罚的，刑罚的

参考例句：

• They took punitive measures against the whole gang.他们对整帮人采取惩罚性措施。
• The punitive tariff was imposed to discourage tire imports from China.该惩罚性关税的征收是用以限制中国轮胎进口的措施。

8 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

9 stimulates   

v.刺激( stimulate的第三人称单数 )；激励；使兴奋；起兴奋作用，起刺激作用，起促进作用

参考例句：

• Exercise stimulates the body. 运动促进身体健康。 来自《简明英汉词典》
• Alcohol stimulates the action of the heart. 酒刺激心脏的活动。 来自《现代英汉综合大词典》

10 outlawed   

宣布…为不合法（outlaw的过去式与过去分词形式）

参考例句：

• Most states have outlawed the use of marijuana. 大多数州都宣布使用大麻为非法行为。
• I hope the sale of tobacco will be outlawed someday. 我希望有朝一日烟草制品会禁止销售。

11 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

12 interfere   

v.(in)干涉，干预；(with)妨碍，打扰

参考例句：

• If we interfere, it may do more harm than good.如果我们干预的话，可能弊多利少。
• When others interfere in the affair,it always makes troubles. 别人一卷入这一事件，棘手的事情就来了。

13 penalized   

对…予以惩罚( penalize的过去式和过去分词 )； 使处于不利地位

参考例句：

• You will be penalized for poor spelling. 你拼写不好将会受到处罚。
• Team members will be penalized for lateness. 队员迟到要受处罚。

14 tune   

n.调子；和谐，协调；v.调音，调节，调整

参考例句：

• He'd written a tune,and played it to us on the piano.他写了一段曲子，并在钢琴上弹给我们听。
• The boy beat out a tune on a tin can.那男孩在易拉罐上敲出一首曲子。

15 infringing   

v.违反（规章等）( infringe的现在分词 )；侵犯（某人的权利）；侵害（某人的自由、权益等）

参考例句：

• The material can be copied without infringing copyright. 这份材料可以复制，不会侵犯版权。
• The media is accused of infringing on people's privacy. 人们指责媒体侵犯了大家的隐私。 来自《简明英汉词典》

16 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

17 multinational   

adj.多国的，多种国籍的；n.多国籍公司，跨国公司

参考例句：

• The firm was taken over by a multinational consulting firm.这家公司被一个跨国咨询公司收购。
• He analyzed the relationship between multinational corporations and under-developed countries.他分析了跨国公司和不发达国家之间的关系。

18 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

19 reiterated   

反复地说，重申( reiterate的过去式和过去分词 )

参考例句：

• "Well, I want to know about it,'she reiterated. “嗯，我一定要知道你的休假日期，"她重复说。 来自英汉文学 - 嘉莉妹妹
• Some twenty-two years later President Polk reiterated and elaborated upon these principles. 大约二十二年之后，波尔克总统重申这些原则并且刻意阐释一番。

20 adherence   

n.信奉，依附，坚持，固着

参考例句：

• He was well known for his adherence to the rules.他因遵循这些规定而出名。
• The teacher demanded adherence to the rules.老师要求学生们遵守纪律。

21 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

22 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。