China: A Competition/Antitrust (PRC Firms) Overview
China’s Antitrust Review and Outlook for 2025: Seeking Precision Amid Uncertainty
Antitrust legislation development: precision-oriented and industry-driven
Overall, China’s antitrust legislation in 2025 demonstrates the characteristics of precise policy implementation as well as industry-driven guidance. Notably, on 19 December 2025, the State Administration for Market Regulation (SAMR) issued the Decision on Amending the Provisions on Prohibiting Monopoly Agreements (the “Decision”), which provides specific rules on the “safe harbour” regime under vertical monopoly agreements. The amended Provisions on Prohibiting Monopoly Agreements will come into effect on 1 February 2026. The core contents of the amendments are illustrated by the table.
The establishment of the safe harbour for RPM reflects a pragmatic shift in China’s antitrust regulation. On the one hand, unlike the traditional strict prohibition towards RPM under EU competition law, the exemption for cases involving low market shares and low turnover represents a significant institutional breakthrough in China. On the other hand, this breakthrough helps focus enforcement efforts on truly harmful conduct that eliminates or restricts competition, aligning more closely with China’s market structure and realities. This rule enhances compliance certainty for small and medium-sized enterprises as well as new entrants, reduces apprehensions, and fosters legitimate commercial arrangements and market vitality.
In addition, SAMR has continued to issue sector-specific guidelines and rules focusing on key areas such as pharmaceuticals, public utilities and internet platforms, thereby enhancing enforcement certainty and operational practicability for specific industries. On 23 January 2025, SAMR promulgated the Guidelines on Antitrust in the Pharmaceutical Sector, which provide detailed, practice-oriented rules addressing special issues in the pharmaceutical field. On 20 August 2025, SAMR issued the Draft Guidelines on Antitrust in the Public Utilities Sector, continuing to focus on monopoly concerns in sectors affecting people’s livelihoods. On 15 November 2025, SAMR issued the Draft Guidelines on Antitrust Compliance for Internet Platforms, further guiding platform enterprises to strengthen risk identification and management, and to effectively prevent antitrust compliance risks.
In the field of merger control, on 1 October 2025, SAMR issued the Standards for Notification of Concentrations of Undertakings, providing “one-stop” standardised guidance for notifying parties. On 15 December 2025, SAMR released the Guidelines for the Review of Non-Horizontal Concentrations of Undertakings, filling a regulatory gap in China regarding the review of vertical and conglomerate mergers. By systematically outlining analytical approaches such as foreclosure effects and synergy effects, the guidelines significantly enhance the transparency and predictability of non-horizontal concentration reviews.
Antitrust public enforcement: shift in approach to vertical restraints, with consumer-oriented sectors remaining a focus
In 2025, Chinese antitrust authorities handled a total of 17 cases concerning horizontal monopoly agreements and abuse of market dominance, while no penalties were imposed in relation to vertical monopoly agreements. By comparison, in 2024, Chinese antitrust authorities investigated 11 monopoly cases and likewise did not sanction any vertical monopoly agreements. This contrast also reflects a shift in the enforcement stance of Chinese antitrust authorities towards vertical restraints. In terms of industry coverage, the public enforcement in 2025 continued to focus primarily on sectors related to public welfare, including water services, pharmaceuticals and civilian blasting materials, maintaining the trend observed in 2024.
Notably, in 2025, Chinese antitrust authorities imposed penalties in two instances specifically for refusal or obstruction of authorities’ investigation. This new development demonstrates that regulatory attention is expanding from merely governing substantive monopoly conduct to strengthening enforcement authority and procedural compliance itself, sending a clear signal that “violations of procedure are also subject to strict accountability”.
Apart from issuance of penalties, in 2025, Chinese antitrust authorities continued to implement the Three Letters and One Notice system, adhering to the dual principles of “emphasising both regulation and service” and “combining standardisation with guidance”. This approach has created a synergistic effect with rigid enforcement measures, collectively promoting corporate self-discipline, industry norms, and the healthy and orderly development of the market.
In terms of merger control review, a total of 528 cases were concluded in the first three quarters of 2025, of which 514 cases were cleared without condition, accounting for 97.3% of all concluded cases. Notably, as of December 2025, SAMR had published one prohibition decision and five conditional approval decisions. These cases involved the new energy and mineral resources sectors, telecommunications, agricultural products processing and trading, passenger air transport and cargo services, as well as the semiconductor industry. By comparison, only one conditional approval case involving the semiconductor industry was published in 2024. This could suggest that SAMR’s enforcement activity in cases raising competitive concerns has become more active.
Antitrust private enforcement: complementing public enforcement
On 10 September 2025, the Supreme People’s Court of China issued the 2025 Typical Antitrust Cases of the People’s Courts. All five cases focus on the livelihood sector, with one involving abuse of administrative power and the remaining four concerning horizontal monopolistic agreements. This focus reflects a broader characteristic of administrative enforcement, namely, concentrating on horizontal monopoly cases occurring within the livelihood sector.
Outlook on future trends
In 2025, against a backdrop of moderate instability in both internal and external environments, China’s antitrust framework and enforcement continued to evolve towards “clearer rules, more predictable outcomes, and more precise enforcement”. On the one hand, the introduction of safe harbours for vertical agreements, the refinement of non-horizontal merger review and the standardisation of filing procedures have significantly reduced compliance uncertainty, providing a more reliable institutional space for normal commercial arrangements and transaction structuring. On the other hand, administrative enforcement and judicial resources remain focused on matters affecting public welfare and horizontal conduct that causes substantial competitive harm, while also strengthening requirements for co-operation in investigations and procedural compliance. This signals a continued shift of antitrust risk from a “vague prohibition” model towards “precise identification” and calls for a corresponding shift in compliance efforts from reactive defence to proactive assessment, structural design and industry-specific management, thereby better supporting business development and transaction execution.
2025年中国反垄断回顾与展望：在不确定中寻求精确性
反垄断立法特点：追求精准、行业先行
总体来看，2025年中国反垄断立法呈现出精准施策、行业先行的特征。令人瞩目的是，2025年12月19日，国家市场监督管理总局（“总局”）公布了《关于修改〈禁止垄断协议规定〉的决定》（“《决定》”），对纵向垄断协议项下的“安全港”制度做出了具体规定，修改后的《禁止垄断协议规定》将于2026年2月1日起施行。《决定》的核心内容如下表所示：
对纵向价格垄断协议设置安全港，体现了我国反垄断规制的务实转向：一方面，相较以欧盟竞争法为代表的传统上对转售价格维持的严格禁止立场，在低市场份额和低营业额情形下予以豁免，是我国制度上的重要突破；另一方面，这一突破有助于将执法重心聚焦于真正具有竞争排除效果的严重违法行为，更符合我国市场结构和竞争现实。该规则增加了中小企业和新进入者的合规确定性，减少顾虑，有利于激发正常商业安排和市场活力。
其次，中国反垄断监管机构围绕医药、公用事业、互联网平台等重点领域持续出台专项指南和规则，强化针对特定行业的执法确定性和可操作性。2025年1月23日，总局出台《药品领域的反垄断指南》，对医药领域的特殊重点问题进行了贴近实务的详细规定。2025年8月20日，总局出台《关于公用事业领域的反垄断指南（征求意见稿）》，继续聚焦民生领域的垄断问题。2025年11月15日，总局出台《互联网平台反垄断合规指引（征求意见稿）》，进一步引导互联网平台企业加强风险识别、风险管理，有效防范反垄断合规风险。
在经营者集中反垄断审查方面，2025年10月1日，总局发布了《经营者集中申报规范》，为申报人提供了“一站式”标准化指导。2025年12月15日，总局正式出台《非横向经营者集中审查指引》，填补了我国在纵向和混合集中审查规则层面的制度空白，通过系统梳理封锁效应、协同效应等分析路径，显著提升了非横向集中审查的透明度和可预期性。
反垄断行政执法：纵向垄断态度转变，民生领域仍是热点
2025年，中国反垄断监管机构共查处横向垄断协议和滥用市场支配地位案件17件，无针对纵向垄断协议的处罚案件。作为对比，2024年，中国反垄断监管机构供查出11件垄断案件，亦未对纵向垄断协议进行处罚。这一对比亦显示出中国反垄断监管机构对纵向垄断协议执法态度的转变。从涉及行业来看，2025年的执法重点仍主要涉及水务、医药、民用爆破器材等民生领域，这延续了2024年的特点。
此外值得注意的是，2025年，中国反垄断监管机构专门针对拒绝、阻碍调查行为进行了2次处罚。这一新动向体现出监管重心正从单纯规制实体垄断行为，延伸至对执法权威和程序合规本身的强化，释放出“程序违法同样应从严问责”的明确信号。
除行政处罚外，2025年中国反垄断监管机构继续推行“三书一函”制度，坚持“监管与服务并重”“规范与引导并举”的理念，与刚性执法行动产生协同效应，共同推动企业自律、行业规范、市场健康有序发展。
在经营者集中反垄断审查领域，2025年前三季度共审结案件538件。其中514件获无条件批准，占95.5%。尤其值得注意的是，截至2025年12月，总局公布1起禁止经营者集中案件，5起附加限制性条件批准案件，涉及新能源及矿产资源行业、通信、农产品加工和贸易行业、航空客运、货运服务行业及半导体行业。相较于2024年仅有一起涉及半导体行业的附件限制性条件案件，总局对具有竞争关注的案件执法活跃度似乎有所增加。
反垄断司法裁判：与行政执法形成呼应
中国最高人民法院于2025年9月10日发布《2025年人民法院反垄断典型案例》，这五件案例全部聚焦民生领域，一件涉及滥用行政权力，其余四件均为横向垄断协议。此特点也呼应了行政执法的主要特点，即：聚焦发生在民生领域的横向垄断协议案件。
未来趋势展望
2025年，在内外部环境呈现出些许不稳定性的背景下，中国反垄断制度和执法持续向“规则更清晰、预期更稳定、执法更精确”的方向演进：一方面，通过引入纵向协议安全港、完善非横向集中审查和标准化申报规则，显著降低企业合规的不确定性，为正常商业安排和交易设计提供了更可依赖的制度空间；另一方面，行政执法和司法资源继续集中于民生领域和具有实质竞争危害的横向垄断行为，同时强化对调查配合义务和程序合规的要求。对企业而言，这意味着反垄断风险持续从“模糊禁止”转向“精确识别”，合规工作的重点也应相应从被动防御转向前端评估、结构设计与行业定制化管理，以更好地支持业务发展和交易落地。