China’s top economic planning agency and market regulator have unveiled new measures aimed at curbing disorderly price competition, warning that excessive price wars and below-cost bidding are undermining industry development and ultimately the country’s economic growth.
Price competition is an important market mechanism, however some industries in China have shown signs of disorderly competition, which may result in “bad money driving out good money,” according to a joint statementBloomberg Terminal issuedBloomberg Terminal by the National Development and Reform Commission and the State Administration for Market Regulation on Thursday night.