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China Strict on Price Violations
Chinese government will take stern measures to curb price violations in hope of creating a better environment for economic growth.
Statistics from the State Development Planning Commission (SDPC) say that pricing departments had uncovered 284,600 price-violation cases involving 4.2 billion yuan (US$512 million) of illegal gains by November of last year. They also imposed fines totaling nearly 2.6 billion yuan (US$317 million) on the violators.
Pricing departments across the country have carried out many price-related inspections focused on telecom fees, electricity, tourism, housing and real estate management, car purchases, and education, said Wang Yang, vice-minister of the SDPC.
Statistics also show that during the past ninth five-year plan (1996-2000) China handled approximately 2.6 million price- violation cases with fines of 13 billion yuan (US$1.58 billion) imposed on the violators.
Large-scale price inspections have proven effective for expanding domestic demand and promoting economic restructuring and development, Wang said.
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