NDRC talks with foreign milk powder manufacturers on price

Source: Globaltimes.cn

China's top economic planning organization, the National Development and Reform Commission (NDRC), assembled on Friday to discuss price adjustment plans with six foreign milk powder makers in China, the Guangzhou Daily said Monday.

NDRC made inquiries with six foreign dairy manufacturers acting in China about price and production. Enterprises involved included Abbott Laboratories, Nestle SA, Dumex, Wyeth, Enfamil Lipil and Ausnutria Dairy Corp. The move was interpreted by the industry as a thorough enlightenment of NDRC on the firm's price-raising decisions as well as alterations in the market.

All the six firms clarified recent market rumors and vowed to maintain market order and not raise prices for the short-term.

The talks came after Unilever (China) Co., Ltd. was fined several days ago 2 million yuan ($303,000) by NDRC over statements of planned price hikes that added wood to public fire over inflation and triggered panic buying.

NDRC has stepped up efforts to monitor price fluctuations in recent weeks, as inflation spiked to a 32-month high of 5.4 percent in March.

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