Shanghai, China, Nov 6 (EFE).- China’s market watchdog on Saturday asked e-commerce companies not to allow the posting of false offers during the annual shopping festival known as Singles Day, which will take place on Nov. 11.
In a statement posted on its website, the State Administration for Market Regulation warned against practices such as hiking prices in the days prior to the festival only to lower them on the day of the shopping bonanza and advertising this as an attractive discount.
Also, within the framework of the antitrust campaign initiated by Beijing against the sector a year ago, the agency said that acts of unfair competition such as the exclusion of and restriction of access to products on platforms operated by rival companies are strictly prohibited.
Singles Day, known in China as Double 11, was started in 2009 by Chinese e-commerce giant Alibaba with the participation of less than 30 brands.
Its popularity has multiplied over the years with more than 290,000 brands set to take part in the festival this year, according to data released by the company recently.
Alibaba’s recorded sales worth more than $74 billion during last year’s edition.
Other leading e-commerce platforms, including Jingdong (JD), also take part in the shopping event. EFE