China releases regulations to curb price monopolies

09:01, January 05, 2011      

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China's National Development and Reform Commission (NDRC) recently formulated two regulations to tackle price monopolies, the department stated on its website Tuesday.

The first formulated regulation provides specifics on monopoly games, including reaching price- fixing agreements, abusing market and administrative positions. The rule will take effect from February 1.

In addition, according to the new rule, government authorities and administrative organizations are urged not to force enterprises to engage in monopoly pricing or to limit price competition. Also, they are banned to pose discriminative charges to commodities from other areas.

The new regulation also states that any individual and organization has the right to report activities involving the matter to the authorities.

According to a statement from the NDRC, as competition in the market intensifies, outlawing and illegal competition as well as price alliances and monopoly abuse have become common practice, and consumers have their interests harmed in the process.

Moreover, a special agency for anti-monopoly enforcement will be established to enhance the supervision and management of price controls, according to an insider from the NDRC.

Source: Global Times
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