The Ministry of Finance on January 13 handed over documents relating to management of 877 formula milk products for children of less than six years old to the Ministry of Industry and Trade.
The Domestic Market Department under the Industry and Trade Ministry will be responsible for price management to these products.
At present, the country has 877 registered formula products for children of below six years old. Their registered and maximum prices are publicized in the portals of the Ministry of Finance and local financial departments.
Since June 2014, baby formulas have been taken in the list of subsidized products with a cap on ceiling prices of 600 products. The difference between retailed and wholesale prices has not exceeded 15 percent.
