The State Administration for Market Regulation of the People’s Republic of China has issued a warning to the country’s merchants and vendors today that it will intensify the clampdown on excessive price gouging on consumer goods during the approaching Spring Festival holiday.
According to a high-ranking official with the country’s top market regulator, the Administration will prioritize stabilizing prices and boosting consumption during the holiday with a zero-tolerance toward any form of overpricing.
To better protect consumers’ interests, the regulator will focus on consumption related to people’s livelihoods, with more attention to the price fluctuations in foods and specialty products.
Any act of fraudulent pricing will face strict punishment, said the official, adding that the regulator will cooperate with relevant authorities to stabilize the prices of grain, pork, and other key necessities and keep a closer eye on coal and natural gas prices.
Amid efforts to ensure price stability for tourism-related consumption, the regulator has urged public transport operators to carry out national policies regarding pricing.
The country’s State Administration for Market Regulation is also taking steps to guarantee orderly pricing in tourist attractions, car parks, and venues for catering, accommodation, entertainment, and shopping.
The Spring Festival holiday is the season when Chinese people traditionally travel home for family reunions.
‘Spring Festival’ refers to the same festival more commonly known in English as the ‘Chinese New Year‘. It is the biggest festival in China.
Spring Festival 2023 falls on Tuesday, January 22, 2023, beginning a year of the Tiger, and ends on Friday, January 27, 2023.
In China, Spring Festival is the common name for Chinese Lunar New Year.
China’s State Administration for Market Regulation (SAMR) is responsible for drug administration, food safety, trademarks, and patents, as well as anti-monopoly policies.
SAMR website offers market data, information on government affairs, and services such as business registration and a small business directory.