Authorities act to ensure fair prices during lockdowns
Market regulators inspect for pricing violations.
Prices are checked.
Businesses found with pricing irregularities will face a fine of up to 3 million yuan (US$471,300) or have their business licenses revoked in serious cases, according to a guideline released on Friday night targeting price gouging during the COVID-19 pandemic period.
The notice issued by the Shanghai Administration for Market Regulation aims to regulate the market and guarantee stable prices of commodities related to people's livelihood such as vegetables, milk and meat and epidemic preventive items like masks and disinfectants.
Inspections have been beefed up at supermarkets, pharmacies, agriculture markets, and wholesale markets near lockdown areas and e-commerce platforms to crack down on pricing violations.
As of March 24, seven cases involving violations of pricing regulations have been uncovered in the city and are under investigation.
Among the cases, market regulators are investigating Japanese department store Takashimaya's Shanghai outlet in Changning District for selling a Chinese cabbage at 77.9 yuan.
Takashimaya's Shanghai outlet in Changning District sells a Chinese cabbage at 77.9 yuan.
