The eastern hub of Qingdao, Shandong province has been working to improve market regulations for market innovation, entrepreneurship support, fair competition and honest business practice, local media reported.

Officials from Qingdao Administration for Market Regulation inspect a mineral water company. [Photo/qingdaonews.com]

According to the Qingdao Administration for Market Regulation, department has investigated and dealt with 16,864 cases of illegal market regulation, confiscated or fined 238 million yuan ($37.15 million), and transferred 204 cases to judicial organs to pursue punishment since the reform in commerce and market supervision was implemented.

The department has been making efforts to create a fair and orderly business environment by strengthening market regulations and improving coordination mechanisms with customs, medical insurance, agriculture and other departments.

Law and order, and market supervision have been strengthened during the COVID-19 period, said the department. Offences such as price gouging, hoarding and profiteering, and the production and sales of counterfeit or sub-standard products have been punished by law. Quality and price control of anti-epidemic supplies has also been reinforced, and stronger measures have been taken against deceptive and illegal advertising, ensuring social order and stability.