State Council toughens price manipulation rules

The State Council, China’s cabinet, released the amended regulations on illegal price manipulation on Sunday, Xinhua Net reported (in Chinese). According to the updated regulations, authorities will implement stricter measures to control price manipulation because the country is facing more serious inflationary pressure in 2008. The regulations raised the maxium fine to US$137,000 for those who manipulate market prices and ignore the prices advised by the government under emergencies. The price manipulation regulations were introduced in 1996 and were amended in 2006 by the State Council.