China’s pricing regulator plans to investigate the pricing of various agricultural products – including pork, vegetable oil and sugar – in a bid to promote price stability.
The National Development and Reform Commission (NDRC) has said it will target sectors where pricing polices are likely to result in high consumer pricing. The agency’s chairman, Xu Shaoshi, said the NDRC is looking to maintain a “basically stable” general price level.
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In a statement, the regulator said plans to strengthen price subsidy mechanisms in these sectors in order to promote a “fair competitive market environment” and protect the “legitimate rights and interests” of consumers. The move aims to ease the impact of rising prices on low-income consumers, the chairman continued.
Shaoshi added the agency will “severely punish illegal behaviour [on] prices and price monopoly”.
This latest move serves to widen the net on anti-competitive behaviour in China this year. In August, the NDRC handed out record fines to six milk powder companies, including Mead Johnson and Danone, for fixing the price of infant formula.
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By GlobalData
