BEIJING, Dec. 21 (Xinhua) -- Chinese lawmakers are considering a draft revision to the Anti-Unfair Competition Law, which is expected to foster a fair market environment for business entities.

The draft revision was submitted on Saturday to the ongoing session of the Standing Committee of the National People's Congress, the national legislature, for deliberation.

This is the third major revision of the law since its promulgation in 1993.

The draft revision focuses on clarifying the general requirements for anti-unfair competition, refining regulations to address unfair practices, and strengthening enforcement and penalty measures, thus fostering a favorable institutional environment that enables fair competition for various market players.