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China reiterates price intervention will not affect

Wednesday, January 16, 2008

BEIJING (XFN-ASIA) - China's price intervention moves aim to curb illegal price hikes and keep market prices of essential items stable, and will not affect the government's market-oriented pricing regime, a senior official reiterated.

Zhou Wangjun, vice director of the NDRC's prices department, said in comments posted on the central government website that China's macroeconomic measures are geared towards having a market-oriented pricing mechanism.

At the end of 2006, the government was controlling the prices of less than 5 pct of commodities and services, he said.

"We only intervene in few commodities, such as grain, edible oil, meat, milk and liquefied petroleum gas......In addition, we only intervene in a few enterprises," Zhou added.

The National Development and Reform Commission (NDRC), China's top economic planning agency, said yesterday that the government began "temporary price intervention" in a range of daily-necessity items including grain, edible oil, meat, milk and liquefied petroleum gas.

Under the new rules, major producers of the items are required to submit any price-hike plans to the government for approval 10 days prior to the actual proposed hike.

Zhou said the government will conduct a strict review on any application for a price hike

Posted by MOHAMED SAID at 9:42 PM  

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