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China to probe into illegal hikes in food prices

by 5m Editor
3 August 2007, at 10:00am

CHINA - The Chinese government has announced an investigation into sharply rising food prices, accusing companies of hoarding and threatening social stability.

China’s top economic planner, the National Development and Reform Commission, has ordered local authorities to launch probes into illegal increases in food prices.

“Recently, some companies have colluded with each other to conspire in hiking prices, and others have increased hoarding to force up prices,” the commission said in a statement. “The moves severely disturb market prices and exert a negative impact on social stability,” the commission added.

The probe will focus on manufacturers, wholesalers and retailers of grains, edible vegetable oils, pork, beef and poultry and sectors where these are used as raw materials, the statement said. Government agencies that impose administrative charges on the production, transportation, butchering, and sales of main farm produce will also be investigated.

Source: Daily Times

5m Editor