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Meaning of “state monopoly” in the English Dictionary

"state monopoly" in Business English

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state monopolynoun [C or U]

uk   us   also public monopoly
GOVERNMENT, ECONOMICS an organization owned by a government which supplies all of a particular product or service, with no competitors, or a situation in which this happens: The company is a former state monopoly in which the Japanese government still holds a large proportion of the shares. The tobacco industry has been run as a state monopoly since the revolution. In China most commodities, except 16 crucial ones which are currently under state monopoly, are open to all enterprises.
(Definition of state monopoly from the Cambridge Business English Dictionary © Cambridge University Press)
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