2 offices set up to fight cartel
Source: Xinhua |
July 2, 2010, Friday
|
Print Edition
Print Edition
CHINA'S National Development and Reform Commission, the country's top economic planner, said yesterday that it will establish two offices to prevent anti-competitive behavior.
The Anti-Monopoly Office and the Market Price Supervision Office will control monopolistic behavior and curb market manipulation, said Xu Kunlin, chief of the NDRC's Price Department.
The announcement came the same day Chinese authorities fined a number of farm produce traders in northeast China for conspiring to push prices higher.
Government agencies, including the NDRC, the Ministry of Commerce and the State Administration of Industry and Commerce, jointly issued a statement yesterday saying they were fined because they speculated to increase prices.
Xu said Jilin Corn Center Exchange Ltd had asked more than 100 mung bean dealers nationwide in October for a meeting. The firm's report said output fell a yearly 64.05 percent in 2009 versus the official 14.9 percent drop.
The Anti-Monopoly Office and the Market Price Supervision Office will control monopolistic behavior and curb market manipulation, said Xu Kunlin, chief of the NDRC's Price Department.
The announcement came the same day Chinese authorities fined a number of farm produce traders in northeast China for conspiring to push prices higher.
Government agencies, including the NDRC, the Ministry of Commerce and the State Administration of Industry and Commerce, jointly issued a statement yesterday saying they were fined because they speculated to increase prices.
Xu said Jilin Corn Center Exchange Ltd had asked more than 100 mung bean dealers nationwide in October for a meeting. The firm's report said output fell a yearly 64.05 percent in 2009 versus the official 14.9 percent drop.
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