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Revised Pricing Regulations to Guarantee Fair Competition
The State Development Planning Commission (SDPC) made public revised regulations November 13 concerning open prices for commodities and services in a move to better protect the rights and interests of both consumers and business people.
China adopted relevant regulations early in 1990. However, new demand has been going strong for open prices as the country's economy becomes increasingly market-oriented, with a market-based price formation system taking shape rapidly.
The new regulations, which were expanded to 25 articles from the original 15, have set severe punishment for price violations, including legal prosecution.
The regulations cover any price activities in China, involving purchase, sales, and services, an SDPC official said.
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