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China fines shipping companies hundreds of millions yuan

Chinese authorities have levied fines worth hundreds of millions of yuan on eight international sea freight shipping companies for violating the country’s anti-monopoly law by price fixing. The eight companies, four of which are Japanese, have been fined 407 million yuan (62.86 million US dollars), equating to 4% to 9% of their annual incomes in 2014, the National Development and Reform Commission (NDRC) said in the statement on Monday.

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