Alexa
  • Directory of Taiwan

China threatens punishment for food profiteering

China threatens punishment for food profiteering

China's government launched an investigation Thursday of rising food costs and threatened to punish price gouging or misconduct in commodities trading in a new effort to cool inflation.
Local authorities were told to break up efforts to create monopolies or manipulate prices, said a statement issued by the Ministry of Commerce, the country's planning agency and the State Administration for Industry and Commerce.
"Maintaining the orderly circulation of agricultural products and prices has a bearing on steady agricultural production and the people's vital interests," the announcement said.
China's food prices rose 5.9 percent in April over a year earlier, driven by a 14.9 percent increase for vegetables and a jump of 16.4 percent for fruit.
Violators will face fines of up to five times their improper profits or up to 1 million yuan ($146,000) for those who made no profit, the announcement said.
The planning agency, the National Development and Reform Commission, said Tuesday that regulators would be authorized to take unspecified steps to intervene in markets in order to control prices.
The announcement said provincial governors were responsible for the grain market and mayors for vegetable and meat markets.
The NDRC said Tuesday that food prices are expected to drop because warmer weather will help with harvests.
___
Associated Press researcher Bonnie Cao in Beijing contributed to this report.
___
On the Net:
http://www.ndrc.gov.cn


Updated : 2021-06-18 02:05 GMT+08:00