Skip to main content

China imposes upper-limit fine on community group-buying firm

Abstract : China's top market watchdog Thursday imposed a maximum-level fine on the operator of community group-buying platform Nice Tuan over improper pricing that disrupted the market order.

BEIJING, May 27 (Xinhua) — China’s top market watchdog Thursday imposed a maximum-level fine on the operator of community group-buying platform Nice Tuan over improper pricing that disrupted the market order.

The State Administration for Market Regulation required the company to pay a fine of 1.5 million yuan (about 234,265 U.S. dollars) and stop its business for three days in Jiangsu Province and implement rectifications.

According to the regulator, the platform dumped products at prices below cost to squeeze out competitors, disrupting the normal order of production and operation and damaging the legitimate rights and interests of other market players.

It also harmed the interests of consumers by luring them with false or misleading pricing practices, said the administration.

In March, the administration imposed administrative penalties on five leading community group-buying platforms, including Nice Tuan, for improper pricing. The platform promised to implement rectifications actively. Unfair pricing, however, still exists in some of its business regions.

The administration also held a meeting for relevant enterprises on Thursday, reminding them to self-examine and operate in compliance with laws and regulations. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China imposes upper-limit fine on community group-buying firm

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

China’s non-manufacturing PMI down in April

Abstract : The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 54.9 in April, down 1.4 percentage points from the March figure, the National Bureau of Statistics said Friday. BEIJING, April 30 (Xinhua) — The purchasing managers’ index (PMI) for China’s non-manufacturing sector came in at 54.9 in April, down 1.4 percentage points from the March figure, the National Bureau of Statistics (NBS) said Friday. A reading above 50 indicates expansion, while a reading below reflects contraction. The expansion of the non-manufacturing sector continued to gather momentum but at a slower pace, said senior NBS statistician Zhao Qinghe. In April, the sub-index for business activities in the services sector stood at 54.4, down from 55.2 in March. The sub-indexes for business activities in rail services, air transportation and accommodation came in at above 65, indicating the rapid growth of business volumes in these areas, according to Zhao. The statisti...
Post a Comment
Read more

China expands QDII quotas as outbound investment demand grows

Abstract : China's foreign exchange regulator on Wednesday night expanded quotas under an outbound investment scheme to meet the growing demand of domestic investors. BEIJING, June 3 (Xinhua) — China’s foreign exchange regulator on Wednesday night expanded quotas under an outbound investment scheme to meet the growing demand of domestic investors. A total of 10.3 billion U.S. dollars in quotas was granted to 17 institutions under the Qualified Domestic Institutional Investor (QDII) program, a scheme for outbound investment , according to the State Administration of Foreign Exchange (SAFE). Among these institutions were fund companies, securities firms and insurers, as well as banks, said the regulator. The move brought China’s total QDII quota to 147.32 billion U.S. dollars. Under the QDII program, the country’s cross-border capital flows have been maintained in an orderly manner, satisfying the rising demand for outbound investment at home, said a SAFE official. T...
Post a Comment
Read more

Feature: Chinese scientists help Sri Lanka cope with marine disasters, climate change

Abstract : On June 2, hundreds of security personnel in COVID-19 protective clothing were busy removing tons of chemical pollutants and plastic from a beach in Colombo. About 9.5 nautical miles into the sea, they could see the charred remains of a foreign vessel swaying in the gusty monsoon wind. COLOMBO, June 3 (Xinhua) — On June 2, hundreds of security personnel in COVID-19 protective clothing were busy removing tons of chemical pollutants and plastic from a beach in Colombo. About 9.5 nautical miles into the sea, they could see the charred remains of a foreign vessel swaying in the gusty monsoon wind. On May 20, the X Press Pearl container vessel loaded with chemicals exploded and caught fire off Colombo Port. Many of the containers and other polluting materials on board fell into the sea and were being washed ashore, posing a serious threat to the environment. On day two after the explosion, Chinese experts from the China- Sri Lanka Joint Center for Education and Research (...
Post a Comment
Read more