Hainan sets restrictions on altering the price of salt

Salt price gouging will be fined up to 5 million yuan ($685,960), according to a notice released by the market supervision administration of Hainan province issued on Thursday evening.

The notice reminds relevant business operators to abide by the principle of honest business and not to use high prices to infringe on the legitimate rights and interests of consumers and other business operators or to disrupt the salt market price order.

Affected by concerns on the safety of Japan’s release of nuclear-contaminated water into the sea, stockpile salt and the panic buying of salt occurred across China, including in South China’s Hainan island.

To maintain the order of salt market price, the administration stressed that anyone who violates the provisions of the Pricing Law of the People’s Republic of China, colludes with each other to manipulate market prices, causing a relatively large rise in commodity prices, shall be ordered to make corrections, the illegal gains shall be confiscated and a fine of not more than five times the illegal gains shall be imposed. If there are no illegal gains, a fine between 100,000 yuan and 1 million yuan shall be imposed. If the circumstances are serious, a fine of no less than 1 million yuan and no more than 5 million yuan shall be imposed. If the circumstances are very severe, it shall be ordered to suspend business for rectification, or its business license shall be revoked.

Hainan Salt Supply Group said that the edible salt reserve is sufficient, that residents do not need to stockpile salt. The current salt reserve of the province can meet the consumption for 18 months on the condition that purchases rate remain normal.

Sanya announced that the total salt reserve of Sanya Life Flower Salt Company is nearly 200 tons, and it will continue to transfer salt to fully guarantee its supply.

In response to soaring demands in salt, major supermarkets across the province have also stepped up distributions to stores and carried out point-to-point replenishment.