BEIJING - China's top economic planner has issued a circular calling for stabilizing the supply and prices of staple goods across the country in response to recent floods and the COVID-19 infections in multiple regions.

All localities should strengthen market price monitoring and early warning, and keep abreast of the development of floods and the epidemic situation in a timely manner, according to the circular issued by the National Development and Reform Commission.

Reserves should be released in a timely and accurate manner to ensure the supply of the staple goods and avoid sharp increase of prices.

Illegal acts such as hoarding, price gouging and price collusion will be severely punished, according to the circular.