China establishes anti-price monopoly legal system
China's National Development and Reform Commission (NDRC) will work to end excessive price increases in four major industries, including aviation, automobiles, consumer goods, telecommunications, pharmaceuticals and home appliances, the Shanghai Stock Exchange Journal reported on November 25.
The move is aimed at strengthening consumer protection.
Speaking at a training session on laws and regulations related to price antitrust in Guangzhou, capital of southern China's Guangdong Province, Lu Yanchun, an NDRC official, said that China has established an antitrust legal system, including the Antimonopoly Law, the Antimonopoly Regulations on Price, and the Procedural Regulations on Administrative Enforcement of Antimonopoly on Price.
Enforcement of anti-monopoly regulations at both central and local levels will be strengthened, he added.
The NDRC is tasked with examining and regulating price monopolies.
In January, the NDRC imposed heavy fines on foreign companies after years of investigation. Six liquid crystal display (LCD) manufacturers, including Samsung, LG and four Taiwanese companies, were fined a total of 353 million yuan ($57.5 million) for participating in a price-fixing scheme.
In August, the NDRC also fined six infant formula manufacturers operating in mainland China a total of 670 million yuan following a consumer confidence survey. The six companies include Biostime, Mead Johnson, Dumex, Abbott, Friesland and Fonterra./.
According to Vietnam+
