New price-fixing fines
Source: Xinhua |
December 11, 2010, Saturday
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Print Edition
Print Edition
CHINESE vendors who collude to fix prices will face fines of up to 5 million yuan (US$751,880) under new penalties to control prices.
The penalties, released by the State Council, China's Cabinet, yesterday overturned the previous 1 million yuan maximum fine for collusion to fix prices.
The Revision to the Provisions on Administrative Penalty against Price-Related Unlawful Practices, which was passed at the State Council executive meeting on November 29, is effective immediately.
The revision imposes stiffer penalties for a range of illegal pricing practices, such as hoarding, price fixing, fabricating information that affects prices and failure to comply with government-set price limits.
The penalties, released by the State Council, China's Cabinet, yesterday overturned the previous 1 million yuan maximum fine for collusion to fix prices.
The Revision to the Provisions on Administrative Penalty against Price-Related Unlawful Practices, which was passed at the State Council executive meeting on November 29, is effective immediately.
The revision imposes stiffer penalties for a range of illegal pricing practices, such as hoarding, price fixing, fabricating information that affects prices and failure to comply with government-set price limits.
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