Foreign brands struggle in Year of the Rabbit
- By Wu Nanlan
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China.org.cn, December 19, 2011
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Unilever fined for spreading price hike rumors
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In March, Unilever issued price increase notices to supermarkets in China. [File photo] |
China's National Development and Reform Commission (NDRC), the country's top economic planner, fined consumer product giant Unilever Plc US$2 million over its high-profile dissemination of possible price hikes in the country in May.
In March, Unilever issued price increase notices to supermarkets in China, saying the company planned to raise the prices of some of its products.
According to the NDRC, public comments by Unilever in April about possible price increases "intensified price hike expectations among consumers", "led to panic buying", and "seriously distorted market order".
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