Draft on monopoly price caps
Source: Xinhua |
August 3, 2010, Tuesday
|
Print Edition
Print Edition
CHINA'S government could take powers to cap the prices of monopolized goods and services, according to a draft regulation issued yesterday.
The Legislative Affairs Office of the State Council said the draft regulation on cost supervision and examination of goods and services priced by the government would be open to public submissions until September 1.
Chinese goods and services such as natural resources, public utilities and rare goods are either priced by the government or by operators under government guidance, rather than through market competition. The Price Law stipulates that such goods and services must undergo cost supervision and examination.
However, the circular issued by the Legislative Affairs Office said ambiguities remained in the process of cost supervision and examinations, particularly specific items of "unreasonable" costs.
It said the government should examine operating costs and cap prices of monopolized industries to better protect consumers' interests.
The regulation specifies the authorities responsible for the work and defines the legal liabilities of supervisors as well as operators.
The Legislative Affairs Office of the State Council said the draft regulation on cost supervision and examination of goods and services priced by the government would be open to public submissions until September 1.
Chinese goods and services such as natural resources, public utilities and rare goods are either priced by the government or by operators under government guidance, rather than through market competition. The Price Law stipulates that such goods and services must undergo cost supervision and examination.
However, the circular issued by the Legislative Affairs Office said ambiguities remained in the process of cost supervision and examinations, particularly specific items of "unreasonable" costs.
It said the government should examine operating costs and cap prices of monopolized industries to better protect consumers' interests.
The regulation specifies the authorities responsible for the work and defines the legal liabilities of supervisors as well as operators.
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