June 14, 2012

Six milk powder importers vow not to lift its prices

Six major brands importers of foreign milk powder products vowed to China's government that there will be no price hikes in the short term, according to the Cabinet.

The importers, including Orient Europharma Co. and those for such brands as Abbott, Wyeth, Quaker, Mead Johnson, and Nestle, made the promises to the commodity prices stabilisation panel headed by Vice Premier Jiang Yi-huah.

Cabinet sources said that the importers pledged not to hike their domestic sales prices in the short term as long as international prices of raw materials and relevant conditions remain stable.

In case they have any plan to raise sales prices in the future, they will keep the government informed, the sources said.

Vice Premier Jiang Yi-huah recognised the collective practice by the six importers, and reiterated the government's determination to stabilise domestic commodity prices.