BEIJING — China will stringently crack down on illegal activities of bidding up prices in coal spot and futures markets, the country's top economic planner said on Jan 28.

Malignant price hikes were seen in domestic coal markets although the country currently has sufficient daily coal output and storage, which adversely affected the market order and energy security, said the National Development and Reform Commission in a statement online.

The commission has come up with plans for ensuring coal output and stabilizing coal prices during the Spring Festival period and it will enhance market regulation and fight against illegal price gouging in coal spot and futures markets.

As of Jan 26, China's coal storage had hit a record high at 170 million metric tons, an increase of 52 million tons from a year ago, according to the commission.

The Spring Festival, or the Chinese Lunar New Year, falls on Feb 1 this year with a seven-day holiday starting from Jan 31.