[Asia Economy Reporter Kim Yuri] As concerns over the spread of the novel coronavirus, known as 'Wuhan pneumonia,' grow, causing mask prices to surge up to 10 times and triggering a 'mask crisis,' the Chinese government has launched a strong crackdown. With rising anxiety over Wuhan pneumonia, mask prices for infection prevention have soared, prompting measures targeting sellers and others involved.
According to foreign media on the 22nd, 3M KN95 masks, known to prevent ultrafine dust and germs, sold out on Chinese online shopping malls including Alibaba's Tmall.
Besides this product, dust masks, medical masks, and hand sanitizers were mostly sold out. As demand skyrocketed, sellers raised prices from three times to up to ten times the original. The price of KN95 masks rose from 99 yuan per box (about 16,700 KRW) to 400 yuan (about 67,400 KRW), and some retailers even increased prices up to 1,000 yuan (168,700 KRW).
In response to complaints flooding social media platforms like Weibo and WeChat, such as "I want to buy masks but can't" and "Prices are too high," Taobao issued a notice on the afternoon of the 20th prohibiting all sellers from raising mask prices. It is said that this was not Taobao's independent decision but a result of pressure from the Chinese government.
Taobao stated, "Currently, there is sufficient mask inventory on online shopping malls like Taobao, and we are providing special subsidies so that consumers can purchase good masks at affordable prices."
Another e-commerce company, Suning, also notified sellers on its own and affiliated online shopping channels not to arbitrarily raise prices of health products. Pinduoduo has also started monitoring prices of masks, sanitizers, and thermometers. The policy is to intervene immediately if any price hike attempts are detected.
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