The Standing Committee of the 13th National People's Congress, China's top legislature, approved on Friday the amendment to the Antimonopoly Law, which will take effect on August 1 this year.

Under the law, China will establish and improve the review system on fair competition and formulate and implement competition rules compatible with the socialist market economy.

The antimonopoly law enforcement department of the State Council, China's Cabinet, will be responsible for the unified law enforcement work on antimonopoly.

The country will build and improve the market system that is unified, open, competitive and orderly, according to the law.