Top 10 economic events that made news in 2014
Updated: 2014-12-29 07:53 By Mu Chen/Zhu Wenqian (China Daily)3. Anti-trust investigations result in auto price reduction
This year saw a deluge of anti-monopoly investigations involving companies as diverse as auto parts makers and contact lens producers, tech firms and pharmaceutical manufacturers, as China's regulators became more stringent in their enforcing of the nation's six-year-old anti-monopoly law.
On Aug 20, the National Development and Reform Commission, the top economic planner and price regulator, doled out China's largest ever fine of 1.235 billion yuan ($201 million) to 12 Japanese auto parts and bearing suppliers for monopolistic conduct related to pricing.
Multinational carmakers were also investigated, including a fine of 248.5 million yuan ($40.5 million) for the joint-venture between Volkswagen Group and State-owned FAW Group that makes Audis in the country. The investigations resulted in reductions in prices of vehicles, spare parts and services.
