Western values should guide competition law, not Beijing’s Communist Party. rob1cox of Breakingviews comments why he thinks 'China does it' is a bad antitrust argument as the European parliamentary elections kick off today:
LONDON - Facebook can make reasonable arguments about why the $530 billion internet company shouldn’t be broken up, either through regulatory pressure, legislative fiat or shareholder desire. The least persuasive of them is that the social network’s Chinese digital rivals won’t ever face the same fate.
Setting aside the fact that Tencent and Alibaba have respectively spun off their music and financial arms, the “but China does it” argument is becoming a familiar refrain from business and political leaders in the developed world. The extraordinary rise over the past decade of many private and state-backed companies in the People’s Republic is frightening competitors and freaking out policymakers.
Canada has a similar instrument that allows it to assess whether foreign takeovers of domestic assets will bring benefits to the country. Europe is still struggling to deal with the Middle Kingdom’s economic challenge. That’s why redrafting antitrust rules will be one of the first orders of business for the new European Parliament following elections, which kicked off this week.
She admits there could in future be a threat to European manufacturers, and eventually to consumers, she says. But that’s a matter the bloc’s rules need to address more clearly, with a view to ensuring greater access to China and elsewhere in return for opening the European market.
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