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Control of prices key in battle
By Pan Xiaoyi |
December 24, 2010, Friday
|
Print Edition
Print Edition
CHINA pledges to tightly regulate prices of farm produce and resources as well as increase supervision over prices of drugs, education and banking services.
China will ensure that prices of edible oils, grains, cotton and vegetables are stable while cracking down on speculation and price gouging, the National Development and Reform Commission, the country's top economic planner, said in a statement on its website.
The NDRC prosecuted 38,000 cases of price manipulation in the first 11 months of this year that caused a price surge in green beans, garlic, electricity and oil products. It confiscated 830 million yuan (US$125 million) in illegal profits and imposed fines of 110 million yuan on the guilty parties.
The Consumer Price Index surged 5.1 percent in November from a year ago, the biggest gain in 28 months, as prices of rice, cooking oil, clothing and fruit and vegetables rose.
To battle inflationary risks, China has raised banks' reserve requirement three times in the past five weeks as well as interest rates.
It also released stockpiles of state-reserved food and imposed harsher penalties for speculation.
China will ensure that prices of edible oils, grains, cotton and vegetables are stable while cracking down on speculation and price gouging, the National Development and Reform Commission, the country's top economic planner, said in a statement on its website.
The NDRC prosecuted 38,000 cases of price manipulation in the first 11 months of this year that caused a price surge in green beans, garlic, electricity and oil products. It confiscated 830 million yuan (US$125 million) in illegal profits and imposed fines of 110 million yuan on the guilty parties.
The Consumer Price Index surged 5.1 percent in November from a year ago, the biggest gain in 28 months, as prices of rice, cooking oil, clothing and fruit and vegetables rose.
To battle inflationary risks, China has raised banks' reserve requirement three times in the past five weeks as well as interest rates.
It also released stockpiles of state-reserved food and imposed harsher penalties for speculation.
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