China imposes penalty for price violations

Updated: 2011-12-24 10:20


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BEIJING - To maintain sound market order, China has imposed penalties totalling 1.69 billion yuan ($267 million) for price-related violations in the first 11 months of this year, the country's top economic planner said Friday.

China's National Development and Reform Commission (NDRC) said in a statement posted on its website that pricing authorities at all levels have investigated 35,900 cases of price-related violations, and have reimbursed 238 million yuan to consumers.

The statement said that the NDRC started several campaigns against price-related violations, including price-fixing, hoarding and spreading rumors to drive up prices, in order to stabilize the country's overall price level.

In 2012, the NDRC will continue to monitor the movement of market prices and crack down on price-related violations in an effort to maintain sound market order and safeguard the interests of consumers, according to the statement.

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