Shanghai Carrefour Faces 2M Yuan Fine After Hiking Fresh Vegetable Prices 692%

57

A Carrefour in Shanghai faces a hefty fine after pumping up the prices of vegetables amidst the ongoing coronavirus outbreak.

An inspection of the Carrefour in the Xuhui district conducted by the Shanghai market monitoring authority on 28 January found that prices for 15 different products had been grossly inflated.

Prices for fresh vegetables had been raised 692%, with prices for bok choy and jimaocai lifted 405% and 330% respectively.

The inspection found that procurement prices for these products had not risen significantly of late, despite concerns over the spread of the coronavirus.

The Shanghai market authority issued an “Administrative Penalty Hearing Notice” to the Xuhui Carrefour on 30 January, outlining a fine of 2 million yuan for inflation of prices.

According to the authority the Xuhui Carrefour’s actions are believed to be in violation of China’s Price Law (价格法), and its conduct could “cause malignant societal impacts during the special period for the prevention and control of the coronavirus.”

Related stories

China De­vel­op­ment Bank Al­lo­cates 2 Bil­lion Yuan in Emer­gency Loans to Wuhan for Com­bat­ing Coro­n­avirus

Chi­na’s Se­cu­ri­ties Reg­u­la­tor Calls for In­vestors to “Ra­tio­nally and Ob­jec­tively” As­sess Coro­n­avirus Im­pacts

Chi­na’s Bank­ing Reg­u­la­tor Com­mits to Main­te­nance of Fi­nan­cial Ser­vices Dur­ing Coro­n­avirus Out­break

LEAVE A REPLY

Please enter your comment!
Please enter your name here