China to curb price manipulation in flood-hit regions

BEIJING - Market and price manipulations in flood-stricken regions will be curbed and punished, according to a notice released by China's State Administration for Market Regulation on Saturday.

The administration warns against fabricating and peddling news about hikes in demand or prices, hoarding daily necessities, jacking up prices and colluding in raising prices.

It also forbids incorrect pricing, price fraud and any other market-related means that infringe on the lawful rights and interests of consumers or businesses.

The market regulation authorities at all levels will strengthen inspection and law enforcement to crack down on illegal acts of price manipulation, the notice stressed.

Torrential rainstorms and floods have wreaked havoc in north and northeast China over the past week.