17.12.10 14:29 Age: 15 yrs

PRC Amends Provisions On Penalty For Unlawful Price-Related Practices

Beijing, China –December 13, 2010

 

The State Council recently decided to make amendments to the Provisions on the Administrative Penalty for Price-related Unlawful Practices. The new Provisions indicate that the illegal income of those who manipulate market prices to cause a relatively large increase in product prices shall be confiscated and a fine of not more than 5 times the illegal income shall be imposed; a fine of between 100,000 Yuan and 1 million Yuan shall be imposed on those without any illegal income, and the fine shall be between 1 million and 5 million Yuan for those committing more serious offences; if the circumstances are especially serious, a suspension shall be imposed on the business to bring it up to standard, or the business licence shall be revoked by the industry and commerce administrative authorities.