China should promptly formulate and enact the Anti-Excessive Profit Law, according to a lawmaker from northwest China's Shaanxi Province.
The formulation of the law was proposed by Ma Damou, a deputy to the National People's Congress, China's top legislative body.
Ma, vice-chairman of the Standing Committee of the Shaanxi Provincial People's Congress, said, “Using illegal means to make exceedingly high profits in a short period of time constitutes the act to make excessive profits.”
He noted that various phenomena of making profits on the commodity and capital markets have not only brought losses to the life and property of consumers, but also have damaged the credit foundation of the whole society and disrupted the normal order of a market economy.
He said, “I hope for the prompt enactment of Anti-Excessive Profit Law, so that consumers and government departments will be able to use legal means to crack down on those making excessive profits.”
He added that only by doing so, will it be possible to uphold a normal market economic order, prevent fraudulent price behaviors and protect the legitimate rights and interests of investors and consumers.
(Xinhua News Agency March 14, 2002)