China Sets Rules for Government Pricing Surveillance

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Last updated at: (Beijing Time) Thursday, May 15, 2003

China Sets Rules for Government Pricing Surveillance

China has issued a set of rules regulating the government's role in the surveillance of market prices and will put them into effect on June 1.

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China has issued a set of rules regulating the government's role in the surveillance of market prices and will put them into effect on June 1.

The regulations are another move by China to optimize government management of the economy according to its commitment under the World Trade Organization, said the State Development andReform Commission (SDRC) in press release Wednesday.

The new rules require the government to investigate and study the changes in prices, costs, supply and demand of important goods and services and tracing and collecting information about the effect of major government policies on market prices.

They also require relevant authorities to report their findings in price supervision and offer forecast, warning and policy consultation to government decision makers.

The SDRC said the rules will help the government to conduct macroeconomic control in a scientific and efficient way and to setproper policies on supervising market prices.

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