Prompt moves taken to check hoarding in Beijing

Beijing’s market regulator recently reminded business operators to observe regular market price behavior, saying it will investigate and punish those indulging in illegal market practices such as hoarding, fabricating rumors about price rises, and price gouging that disrupt the market order amid the fresh outbreak of COVID-19 cases in the city.

This is just what was needed. Encouragingly, supermarket shelves were quickly filled up soon after the commodities were sold out, confirming what the authorities had said, that “supply in Beijing is stable and goods are plentiful”.

In order to ensure prices of vegetables and anti-epidemic supplies remain stable, relevant departments need to urgently regulate market price behavior and punish the violators.

There has not been any notable violation in prices of commodities in Beijing since the fresh outbreak, but it is necessary to be prepared in advance. Should the situation worsen, the stability of supply and prices will be put to the test and some business operators might take the opportunity to hoard or engage in other malpractices to make huge profits.

In some cities hit hardest by the pandemic, some companies are using community group buying to sell pastries and fruits at jacked up prices, pharmacies are driving up the price of medicines, and supermarkets are selling cabbages at sky-high prices.

Relevant departments have investigated and dealt with such illegal behavior, but the best market supervision is to take effective, preventive measures before such violations occur so that market operators dare not violate the law.

The reminder issued by Beijing’s market regulator is the “effective medicine” needed to check violations by raising a series of requirements for market operators, including compliance with relevant laws, unequivocal pricing, no price gouging and no manipulation of market prices.

The timely reminder shows the market watchdog will not turn a blind eye to illegal market practices during the fresh outbreak, and that violators will face severe punishment.

Price violations during an outbreak can cause greater harm, and only by taking strict measures against violators can supplies be guaranteed and prices stabilized, helping defeat the epidemic as soon as possible.