- CNTV English - CCTV News

Homepage > News > Biz >

China to crack down on price rigging, heavy fines to be handed out

07-14-2010 08:42 BJT

BEIJING, July 13 (Xinhua) -- China will fine individuals and companies up to 2 million yuan (295,000 U.S. dollars) for circulating misleading or false information about price hikes, the country's top economic planner disclosed here Tuesday.

The announcement by the National Development and Reform Commission (NDRC), the top economic planning agency, was part of efforts by the NDRC 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 Aug. 13, after which it will be submitted to China's top legislature for a legislative reading, the NDRC said in an announcement 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 further 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 dedicated to control monopolistic behavior and curb market manipulation while it fined a number of farm produce traders in northeast China for conspiring to push prices higher.

The hoarding of goods was mainly to blame for skyrocketing prices of garlic, mung bean and other farm products this year, jeopardizing the Chinese government's goal to keep the annual consumer price inflation at 3 percent in 2010.

China reported a 3.1 percent consumer price index year-on-year increase in May, exceeding the government's CPI growth target for the first time this year.

Last month the NDRC projected that China's CPI rate would be around 2.6 percent in the first half of this year. The National Bureau of Statistics has yet to announce the CPI data expected to be released this week.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program