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China to bring in new rules for commodity price indexes from August

China’s state planner said on Thursday it would 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 huge 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.

Under the new rules, price index providers will need to be independent of direct stakeholders in the commodity and service markets covered by the index. Information about the providers and the methods used to develop and formulate the indexes will also need to be fully disclosed.

The commission added that authorities will have the right to review compliance with the rules and take disciplinary measures for non-compliance.
Source: Reuters (Reporting by Dominique Patton; Editing by Himani Sarkar and Edwina Gibbs)

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