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BIZCHINA / Top Biz News
China to crack down on price-hiking producers, sellers
(Xinhua)
Updated: 2007-08-07 10:29
Chinese local pricing authorities have been told to crack down on food
producers and sellers that attempt to raise food prices to an
unreasonable level, said sources with the National Development and Reform
Commission (NDRC) on Monday.
Describing the nationwide campaign as a major political task, the top
economic planning agency urged pricing departments at all levels to work
hard to stabilize the food market.
The move comes in the wake of recent food price hikes that have pushed
the consumer price index, the country's inflation rate, above the
government's target of 3 percent for four consecutive months.
The campaign, mainly targeting food manufacturers, wholesale and retail
firms, will overhaul the prices for daily foods like grain, cooking oil,
meat, poultry, eggs and milk.
NDRC vowed to severely punish those who jack up food prices by revoking
their business licenses and bringing them to justice in collaboration
with the police and commercial and quality authorities.
The State Administration for Industry and Commerce also said on Monday in
an urgent circular that local governments must rid the pork market of
sellers that plot price hikes by hoarding and fabricating rumors.
The administration will also clamp down on venders of diseased and
water-injected meat.
(For more biz stories, please visit Industry Updates)
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