China said on Thursday it will issue new rules on the management of price indexes for key commodities and services, a move which comes as the government steps up scrutiny of the country's commodity markets.
The measures, effective from Aug. 1, will standardise how price indexes are compiled and will improve transparency around how information is released, the National Development and Reform Commission said on its official WeChat account.
The commission added that authorities will have the right to review compliance with the rules and take disciplinary measures for non-compliance. The announcement follows a pledge by the NDRC last week to step up monitoring of commodity prices and strengthen supervision of markets. Producer inflation in the country recently hit its highest in more than 12 years, driven largely by surging commodity costs.
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