China’s top economic planner vows to punish price-gouging coal enterprises
Published: May 24, 2022 04:13 PM Updated: May 24, 2022 04:09 PM
Coal Photo:CFP
Coal Photo:CFP

China’s top economic planner on Wednesday vowed to take measures to penalize price-gouging coal enterprises in a bid to stable the energy prices.

Coal enterprises that engage in price gouging will be confiscated of their illegal gains and face a penalty of no more than five times of their illegal gains. Severe violators will face a business suspension for rectification or de-registration of their business license, according to a notice issued by China's National Development and Reform Commission (NDRC) on Wednesday.

The department will continue to pay close attention to the coal market and prices to keep the the coal price within a reasonable range, the NDRC confirmed.

The NDRC held a meeting on Tuesday to launch a series of inspections addressing the inflated price of coal production among major coal producers in Inner Mongolia Autonomous Region, Shanxi and Shaanxi Province.

Representatives from China Energy, China National Coal Group Corporation, Jinneng Holding Group and Shaanxi Coal and Chemical Industry Group Co attended the meeting, with local NDRCs in the two provinces and the autonomous region, and China National Coal Association also attended the meeting.

Attended enterprises vowed to report data for coal production and sales in accordance with government guidelines, to cooperate with the government to reduce the cost of coal production.