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![The Chinese leader ship wants to boost domestic spending as a vital economic initiative [Xinhua]](http://thebricspost.com/wp-content/uploads/2013/08/retail-china-300x169.jpg)
The Chinese leader ship wants to boost domestic spending as a vital economic initiative [Xinhua]
The Standing Committee of the 12th National People’s Congress, China’s highest legislature, adopted the bill through a vote at its bi-monthly session on Friday.
The revised law increases best practices measures for businesses to follow, and increases regulations for online transactions.
China has in recent months been stepping up action to protect consumers in a bid to boost domestic spending and investment.
In August, China’s top economic planner, the National Development and Reform Commission, launched a probe into the conduct of six dairy companies on suspicion of price-fixing and breaking anti-trust laws.
Biostime, Mead Johnson, Dumex, Abbott, Friesland and Fonterra were charged record fines of $108 million.
Some foreign brands have increased their prices by up to 30 per cent since 2008, with some prices reaching nearly twice as much as domestic brands, the Commission said at the time.
Chinese consumer confidence has been steadily rising, buoyed by such government action.
China’s new leadership has stressed on the need to boost domestic consumption to wean the country away from export-and-investment-led economic growth.
Source: Agencies
