China seeks public opinion on draft amendment to pricing law

China's authorities on Thursday released a draft amendment to the pricing law to solicit public opinion.

The public can log on to the official website of the National Development and Reform Commission or the website of the State Administration for Market Regulation to share their views or submit proposals until Aug. 23.

The draft amendment consists of 10 provisions, further clarifying the standards for identifying unfair pricing practices and specifying the legal responsibilities for price-related violations.

The move is also expected to address the rat race competition.

For instance, the draft amendment states that market operators must refrain from engaging in illegitimate pricing practices, such as predatory pricing by selling below cost to eliminate competitors or monopolize the market.

Practices such as utilizing influence and industry advantages to impose or bundle the sale of goods are also regarded as illegitimate, according to the draft amendment.

The pricing law was promulgated in December 1997 and took effect in May 1998. ■