China Makes New Anti-Inflation Move – Joe McDonald

From AP:

China’s cabinet on Monday sharply increased penalties for price-fixing, expanding an anti-inflation campaign that has failed to cool a surge in politically sensitive food costs.

Food costs soared by 18.2 percent in November, pushing the overall monthly inflation rate to 6.9 percent, its highest level in 11 years.

Companies that hoard goods or try to fix prices can be fined up to 1 million yuan, or $130,000, up to 10 times the previous penalty, the cabinet said on its Web site.

The increased penalties are meant to “strike (at) the activities of driving up prices through hoarding or cheating,” the government’s Xinhua News Agency said. [Full Text]

Categories :

Tags :,

CDT EBOOKS

Subscribe to CDT

SUPPORT CDT

Unbounded by Lantern

Now, you can combat internet censorship in a new way: by toggling the switch below while browsing China Digital Times, you can provide a secure "bridge" for people who want to freely access information. This open-source project is powered by Lantern, know more about this project.

Google Ads 1

Giving Assistant

Google Ads 2

Anti-censorship Tools

Life Without Walls

Click on the image to download Firefly for circumvention

Open popup
X

Welcome back!

CDT is a non-profit media site, and we need your support. Your contribution will help us provide more translations, breaking news, and other content you love.