China Fines Milk Formula Makers for Price-Fixing
Big fine on US company
Chinese regulators have fined six baby formula manufacturers more than $100m for price fixing, in a major escalation of their actions under the country's anti-monopoly law.
The National Development and Reform Commission imposed the biggest fine on Mead Johnson of the US, which will pay Rmb204m ($33m).
The anti-monopoly law, which came into force in 2008, has mainly been used by Chinese authorities to assert their right to review and approve large international mergers and acquisitions. The fines announced on Wednesday mark a broader application of the law's powers to police pricing practices in China's domestic market.
