Chinese regulators have fined six baby formula manufacturers more than $100m for price-fixing, in a major escalation of their actions under the country’s anti-monopoly law.
The National Development and Reform Commission imposed the biggest fine on Mead Johnson of the US, which will pay Rmb204m ($33m).
The anti-monopoly law, which came into force in 2008, has mainly been used by Chinese authorities to assert their right to review and approve large international mergers and acquisitions. The fines announced yesterday mark a broader application of powers to police pricing practices in China’s domestic market.
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