Xu Kunlin, DG of the Department, told the state broadcaster China Central Television: 'Most investigations result from public tip-offs and there is no intention of targeting a specific type of companies. We treat domestic and foreign companies equally….Any company that violates the law will be thoroughly investigated, no matter what kind of enterprise it is.'

Investors may not, however, see the evidence as supporting this statement. Five of six infant formula milk manufacturers which have been fined in August for price-fixing and anti-competitive practices are foreign. 

Gregory Puff, head of the Asia region at Akin Gump Strauss Hauer & Feld, told China Daily: 'Further regulatory oversight in these large industries in the antitrust area would not be surprising. Meanwhile, in many countries, these industries are geopolitically sensitive, so regulation should be expected to be careful and thorough.'