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(LaoFengXiang, Chinese Famous and Time-honored Brands)

Shanghai Municipal Price Bureau recently decided to penalize the price-fixing behavior of Shanghai Gold Jewelry Industry Associtation and some gold stores, in accordance with requirements of the Price Bureau of China's National Development and Reform Commission (NDRC), NDRC said in a news release on Aug 12.

The Shanghai Gold Jewelry Industry Assocciation was fined ¥0.5 million, and five gold shops such as LaoFengXiang up to a total of ¥10.0937 million.

PRC Anti-monopoly Law Article 46 says, in case any operator considered "to make and implement monopoly agreements" or "to abuse its dominant market position",  shall be ordered to stop the illegal acts, confiscated the illegal income, and fined more than one percent and less than ten percent of its last annual sales by the anti-monopoly enforcement authority.