China fines Japanese auto parts firms $200 mn for monopoly

China has fined 10 Japanese auto parts firms more than $200 million in total for price-fixing, authorities said Wednesday, reportedly the biggest-ever such penalties, in the latest step of the country's anti-monopoly drive. Beijing has over the past year launched a wide-ranging crackdown on alleged malpractice by foreign firms across diverse sectors, including pharmaceuticals, baby formula and technology, raising fears overseas companies are being targeted. The auto parts companies were found to have implemented monopoly pricing agreements for more than 10 years, the National Development and Reform Commission (NDRC) regulator said in a statement. It fined them a total of 1.24 billion yuan ($201 million), in what state broadcaster CCTV said was the biggest fine China had imposed since its anti-monopoly law took effect in 2008. ‘The companies... unlawfully affected prices of auto parts, finished vehicles and bearings in China and harmed the interests of downstream manufacturers and consumers,’ the NDRC statement said, according to AFP.