China Investigator To Look Into Banking, Auto and Communications Industries

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From Reuters:

China’s powerful price regulator could target the petroleum, telecommunications, banking and auto sectors next in its investigations into violations of the country’s anti-trust laws, state media quoted a senior official as saying.

The National Development and Reform Commission (NDRC) would look at industries that have an impact on the lives of ordinary Chinese, China Central Television (CCTV) quoted Xu Kunlin, head of the anti-monopoly bureau at the NDRC, as saying on one of its programmes.

The NDRC has launched nearly 20 pricing-related probes into domestic and foreign firms in the last three years, according to official media reports and research published by law firms.

But the scope of its investigations in the world’s second-biggest economy have gathered pace in recent months and coincide with criticism in official media about the price of goods such as milk powder, medicine, luxury cars and jewellery.

“When you look at activities around the world, regulators tend to investigate sectors where their investigations can have a direct impact on consumers and that will look good,” said Sebastien Evrard, Beijing-based partner at law firm Jones Day, which specialises in anti-trust law.

Last week the NDRC fined six milk powder firms for anti-competitive behaviour. It is also investigating 60 foreign and local pharmaceutical companies over pricing and costs.

Companies in the petroleum, telecommunications, banking and auto sectors were on the NDRC’s radar for future investigations, CCTV’s official blog quoted Xu as saying.

About the author  ⁄ Ash

China Car Times is the number one portal for the latest information, statistics, and industry information on the Chinese automotive industry. Over the past six years of operation we have seen the Chinese auto market grow from a backwater of old European models to the world's largest auto market with the world's leading technology being delivered here first. You can connect with China Car Times founder and Editor Ash Sutcliffe by clicking on the Linkedin logo, you can also follow us on Twitter, Facebook and Google Plus via the relevant icons

One Comment

  • Gerald
    August 19, 2013

    So I should wait before buying a car?

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