批发市场管理办法 Administration of Wholesale Markets Procedures

be legally binding. The parties shall strictly perform the contracts. Wholesale markets shall have the powers and obligations to ensure that the parties perform the contracts.

　　Article 40　With respect to on the spot transactions， buyers and sellers shall be responsible for the terms and conditions of such transactions， such as the time， place， type， quan

tity， quality， etc. and method of delivery agreed upon by both parties. Wholesale markets shall be responsible for the supervision.

　　Article 41　Trading in medium- or long-term contracts by means of price competition by wholesale markets shall be strictly controlled. Wholesale markets must obtain approval from the Ministry of Domestic Trade for conducting trading in medium- or long-term contracts by means of price competition or for converting on the spot trading into trading in medium- or long-term contracts by means of price competition.

　　Article 42　Approval must be obtained from the Ministry of Domestic Trade where change of， or increase in the number of， the type of commodities traded in medium- or long-term contracts by means of price competition is to be made， reports of such must be sent to the Ministry of Domestic Trade for approval.

　　Article 43　Specific procedures for the administration of trading in medium- and long-term contracts by means of price competition shall be separately formulated by the Ministry of Domestic Trade.

　　Article 44　Wholesale markets that meet the requirements shall take the initiative in seeking support from the railway and transport departments.

　　Article 45：The types of commodities traded on wholesale markets shall meet the quality standards recognised by the State.

　　Article 46　Wholesale markets may hold national， provincial or municipal commodity trade fairs in line with the needs of the Ministry of Domestic Trade， departments in charge of production or regional governments.

　　Article 47　The following activities shall be prohibited in trading inside wholesale markets：

　　1. conspiring at ill will to create false supply and demand as well as price；

　　2. deliberately inventing or distributing false or misleading information；

　　3. pushing a price up or down on a continuous basis to buy or sell commodities of the same type with the purpose of manipulating the market；

　　4. manipulating or disrupting trading by other direct or indirect means；

　　5. conducting trading in medium- or long-term contracts by means of price competition without approval；

　　6. starting agency or wholesale business without approval； and

　　7. accepting remuneration other than handling charges specified in the articles of association for engaging in agency or wholesale business.

　　PART SEVEN　AGENCY AND WHOLESALE

　　Article 48　Traders must observe agency regulations and relevant rules for conducting agency or wholesale business.

　　Article 49　Wholesale markets shall be responsible to traders， while agents shall be responsible to principals.

　　Article 50：Agents may charge principals a handling fee

　　Article 51　Wholesale markets shall have the right to inspect and supervise the business that an agent is acting for， and protect the interests of principals.

　　Article 52　Principals shall have the freedom to choose agents. The terms and conditions for acting as an agent shall be determined by the parties to the agency through agreement or consultation and according to the principles of justice and legitimisation， and an agency agreement shall be signed.

　　PART EIGHT　PRICING

　　Article 53　Unless State regulations provides otherwise， wholesale market trading prices shall be allowed to fluctuate according to the market. The statutory currency for quoting prices shall be Renminbi.

　　Article 54　Wholesale markets shall formulate rules for the administration of prices according to relevant laws of the State.

　　Article 55　Transaction prices， quantities and other data of wholesale markets shall be solely responsible for collecting by a wholesale market organisation.

　　Article 56　A system for reporting details of wholesale markets shall be set up. At the end of each trading day， central wholesale markets shall be solely responsible for reporting t

ransactions of types of commodities， places of origin， quantities， prices and other details to the Ministry of Domestic Trade for national announcement. At the end of each trading day， local wholesale markets shall report transaction types of commodities， places of origin， quantities， prices and other details to the departments in charge of commodity circulation at provincial level （including municipalities with an independent development plan） or the departments designated by the People's Governments at provincial level for being solely responsible for organising an announcement. Local departments in charge of commodity circulation shall report the above-mentioned details to the Ministry of Domestic Trade on a regular basis.

　　PART NINE　CLEARING

　　Article 57　Commodities transacted on the floor of wholesale markets that meet the requirements shall be subject to central clearing.

　　Article 58　Wholesale markets conducting trading by means of price competition may require payment of deposits. A national central clearing organisation shall be established when conditions are ripe.

　　Article 59　Wholesale markets shall have the power to recover compensation from， and impose penalties on， the parties in breach of contracts for the economic losses caused by such parties.

　　PART TEN　SUPERVISION AND ADMINISTRATION

　　Article 60　Wholesale markets shall actively， rigorously and efficiently serve traders. Wholesale markets shall pay compensation to traders for losses caused by dereliction of duty of the staff of the markets.

　　Article 61　The staff of wholesale markets shall uphold justice and be upright and honest， and may not participate in floor trading activities. Staff who show favouritism， engage in malpractice or act in violation of laws or discipline shall be subject to penalties according to relevant clauses of the code of practice for such staff. Where the cases are serious， the staff shall be dealt with by relevant departments according to the limits of their authority for the administration of cadres or staff， and relevant laws or regulations.

　　Article 62　Wholesale markets shall have the power to supervise trading activities of traders and penalise traders for acts in violation of rules or discipline according to relevant regulations， rules and articles of association.

　　Article 63： As a result of the failure of traders not to strictly perform the clauses of a commodity wholesale contract， buyers and sellers shall resolve disputes through agreement or consultation first. When both parties fail to reach a consensus， the wholesale market shall mediate according to law.

　　Article 64： Wholesale markets shall carry out the duties of supervision or imposition of penalties by means of：

　　1. hearing complaints from traders；

　　2. handling accusations against traders for their improper activities；

　　3. investigating trading and financial status of traders and inspecting accounts， documents and original records； and

　　4. notifying traders in writing of stopping or correcting their improper activities.

　　Article 65： With respect to the activities of traders and dealers in violation of rules， penalties shall be imposed on such traders and dealers according to relevant rules of wholesale markets by giving a warning or disqualifying such traders and dealers. Activities that are serious or in violation of criminal laws shall be dealt with by the judicial authorities.

　　Article 66： Wholesale markets shall examine the qualifications of traders and dealers on a yearly basis and report to the Ministry of Domestic Trade for the record.

　　Article 67： When there is an improper activity or an abnormal price in the trading on a wholesale market， the Ministry of Domestic Trade or local department in charge of commodity circulation may supervise and instruct trading on such market， and shall have the power to require such

market or traders to provide business reports or information for inspection.

　　PART ELEVEN　SUPPLEMENTARY

　　Article 68： Departments in charge of circulation of commodities in provinces， autonomous regions， centrally-governed municipalities and municipalities with an independent development plan may formulate local procedures for the administration of wholesale markets according to these Procedures.

　　Article 69： The Ministry of Domestic Trade shall be responsible for interpretation of these Procedures.

　　Article 70： These Procedures shall be effective as of the date of promulgation

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