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China: After milk fines, regulators threaten even tighter grip

By  |  August 8, 2013
China: After milk fines, regulators threaten even tighter grip

Following the news that Chinese regulators fined foreign manufacturers of infant milk formula $110 million on allegations of price-fixing, the National Development and Reform Commission is reportedly threatening to issue stricter fines in the future. Six companies, including Mead Johnson, were hit with the fines after a four-month probe. China announced the fines on Wednesday. Just one day later, the NDRC said such practices will earn stricter fines: “If we discover firms knowingly breaking the law,” said NDRC head Xu Kunlin, “then fines will be increasingly severe. National media reported the milk formula fines set a record for China; all six companies said they would not contest the fines. The NDRC is currently probing the nation’s pharmaceutical industry, eying 60 companies, both foreign and domestic.

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    Full Content: Reuters

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