China issues record fines on formula price-fixing conduct

China has issued record fines of 670 million yuan (108 million U.S. dollars) for six dairy companies' price-fixing on the mainland, the country's top economic planner announced on Wednesday.

The six dairy companies are Biostime, Mead Johnson, Dumex, Abbott, Friesland and Fonterra. Three companies including Wyeth, Beingmate and Meiji were exempted from punishment because they cooperated with the investigation, provided important evidence and carried out active self-rectification, said the National Development and Reform Commission.