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China revs up clampdown on speculators
By Wang Yanlin |
November 24, 2010, Wednesday
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Online Edition
Online Edition
CHINA said today it plans to step up its crackdown on speculators of commodities as part of efforts to widen its campaign against inflation.
The National Development and Reform Commission, China's top economic planning agency, said the country will improve the execution of existing rules targeting speculators, and may impose harsher punishment on them.
"Illegal operators are using swindling, conspiring, price-fixing and hoarding to push up commodity prices," the commission said in a statement. "Such behaviors are severely distorting market supply of some major agricultural products, and adding painful costs to consumers."
The commission has been reiterating its strict stance against price rises in the past two weeks.
Last Tuesday, it said it may impose controls on food prices, offer subsidies to shoppers and crack down on commodity speculation. On Sunday, it released a statement to underscore China has the capacity to keep consumer prices basically stable.
The National Development and Reform Commission, China's top economic planning agency, said the country will improve the execution of existing rules targeting speculators, and may impose harsher punishment on them.
"Illegal operators are using swindling, conspiring, price-fixing and hoarding to push up commodity prices," the commission said in a statement. "Such behaviors are severely distorting market supply of some major agricultural products, and adding painful costs to consumers."
The commission has been reiterating its strict stance against price rises in the past two weeks.
Last Tuesday, it said it may impose controls on food prices, offer subsidies to shoppers and crack down on commodity speculation. On Sunday, it released a statement to underscore China has the capacity to keep consumer prices basically stable.
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