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China: Antitrust officials broaden sights across economy

By  |  August 15, 2013
China: Antitrust officials broaden sights across economy

State media suspect China’s National Development and Reform Commission will soon broaden its scope over the oil, telecommunications, banking and automotive sectors in its next probes following reports that antitrust officials vow to strengthen their grip on antitrust violators. The NDRC’s latest probe issued record fines for infant milk formula companies accused of price-fixing. In the last three years, reports say the regulator initiated nearly 20 probes regarding price-fixing. New investigations in additional probes would follow the tone set by regulators in recent months. According to reports, China’s top telecom firms and banks are all state owned; additionally, oil prices are set by the government. This week members of the automotive industry confirmed competition watchdogs were collecting data on foreign car prices sold in the nation.

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