NDRC to slap fines on price manipulation
Source: Xinhua |
July 14, 2010, Wednesday
|
Print Edition
Print Edition
CHINA will fine individuals and companies up to 2 million yuan (US$295,000) for circulating misleading or false information about price hikes, the country's top economic planner said yesterday.
The announcement by the National Development and Reform Commission was part of efforts by the agency to curb price manipulation and profiteering in the country.
The suggested punishment measures to combat commodity hoarding and forcing up prices are now open to public debate until August 13, after which it will be submitted to China's top legislature for a legislative reading, the NDRC said in a statement on its website.
In case of serious offences, those who break the price regulations will lose their business licenses and be subject to confiscation of their illegal gains and receive fines up to five times their illegal gains, the NDRC said.
The NDRC also said it believed the price regulations would be helpful to handle the inflationary expectation and stabilize price levels.
Earlier this month, the NDRC set up two offices to control monopolistic behavior and curb market manipulation.
The announcement by the National Development and Reform Commission was part of efforts by the agency to curb price manipulation and profiteering in the country.
The suggested punishment measures to combat commodity hoarding and forcing up prices are now open to public debate until August 13, after which it will be submitted to China's top legislature for a legislative reading, the NDRC said in a statement on its website.
In case of serious offences, those who break the price regulations will lose their business licenses and be subject to confiscation of their illegal gains and receive fines up to five times their illegal gains, the NDRC said.
The NDRC also said it believed the price regulations would be helpful to handle the inflationary expectation and stabilize price levels.
Earlier this month, the NDRC set up two offices to control monopolistic behavior and curb market manipulation.
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