Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Government / Central Government News Tools: Save | Print | E-mail | Most Read
Price fixers face increased fines
Adjust font size:

The State Council will attempt to rein in inflation from its highest level in more than a decade by curbing illegal price-fixing activities that have partly driven up prices on basic goods such as cooking oil, eggs and flour.

The revised rules not only sharply increase penalties for price-fixing, but are also designed to closely monitor industry associations to keep prices in check.

Those who manipulate market prices and ignore the prices set by the government in emergencies face a maximum fine of 1 million yuan ($138,000), up from 400,000 yuan.

Anyone involved in price manipulation will be fined, even if they do not profit, the rule state.

Previously, those who did not earn a profit were exempted from fines, but could have been stripped of their business licenses.

Profiteering industry associations be can fined up to 500,000 yuan if they are found to have manipulated market prices and deliberately spread "rumors on price information".

Those found guilty of "serious cases" of market manipulation can be banned permanently, the rules state.

Insiders said the central government is taking a harder line on suspected industry associations, which have been suspected of playing key roles in previous cases of price-fixing, such as the instant noodle industry.

In addition to the major changes, the new regulation specifies that deliberate hoarding as a means of driving up prices must be punished.

The new rules, passed by the State Council on Wednesday and published on its website on Sunday, were made on the basis of regulations passed in 1999 and amended in 2006.

An unnamed official with the State Council's Legislative Affairs Office and the National Development and Reform Commission said: "The revision is because illegal price-fixing activities have pushed up prices in some industries and regions, which has disturbed the market economy order."

The prices of staples such as grain and pork surged last year, lifting the consumer price index to 6.9 percent in November, well above the government's target of 3 percent.

(China Daily January 15, 2008)

Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
- Gov't reiterates to steady prices amid inflation concerns
- Stopgap price control
- Gov't acting to stabilize prices
- China experiences rising consumer prices amid global inflation
- China aims to ease inflation by ensuring food supply, safety
- High prices top list of concerns
Most Viewed >>
-China works to limit snow-related chaos
-Severe punishment for bribery
-Anti-corruption novel writer elected vice-governor of Shanxi Province
-Solution to Clean up Pollution Disgrace
-Chinese Servicemen to Wear New Uniforms
Questions and Answers More
Q: What kind of law is there in place to protect pandas?
A: In order to put the protection of giant pandas and other wildlife under the law, the Chinese government put the protection of rare animals and plants into the Constitution.
Useful Info
- Who's Who in China's Leadership
- State Structure
- China's Political System
- China's Legislative System
- China's Judicial System
- Mapping out 11th Five-Year Guidelines
- Chinese Embassies
- International Department, Central Committee of CPC
- State Organs Work Committee of CPC
- United Front Work Department, Central Committee of CPC
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号