Shanghai sets price ceiling on hotels for upcoming CIIE

SHANGHAI -- The Shanghai government announced Thursday it would set price ceilings on hotels, public parking lots and car hailing services during the upcoming second China International Import Expo (CIIE).

The price limit measures will be in effect for 20 days from Oct 26 to Nov 14.

During the period, the prices of hotel rooms should not surge over the highest price between Oct 1 and Nov 30 last year.

Public parking lots located within 10 km of the National Exhibition and Convention Center, the venue of the CIIE, must also not charge prices higher than what they reported to authorities this month.

According to the government notice, authorities will carry out inspections after the measures take effect.

The second CIIE set for Nov 5 to 10 has seen more than 3,000 companies from over 150 countries and regions sign up.

The host city took similar price intervention measures in the same period last year to avoid speculation in the catering market.

A total of 172 countries, regions and international organizations and more than 3,600 enterprises participated in the first CIIE, held from Nov 5 to 10 in 2018 in Shanghai. It was the world's first import-themed national-level expo.