TCL International, the mainland's third-largest television producer, has denied setting up a price-fixing cartel with eight other leading manufacturers and branded recent media reports as 'complete nonsense'. After the annual meeting yesterday, chairman Li Dong-sheng said the association set up by the manufacturers had not set price floors or limits on supply. The association was set up two weeks ago by nine manufacturers, including Konka, Hisense and Nanjing Panda, who account for 70 per cent of the mainland's market share. The move was seen as a response to No 1 television-maker Sichuan Changhong Electronics, which has led a price war in recent years to gain market share. State media last week reported that an official of the State Planning and Development Commission had strongly criticised the association and deemed it monopolistic and illegal. Mr Li said that the association was formed to set 'standards' for digital TV sets and set-top boxes and did not collude on fixing supply or prices of televisions. 'The association has been endorsed by the Ministry of Information Industries and the commission,' Mr Li said. 'The media have just been talking nonsense.' However, association member Skyworth Digital said a price cut had been decided on to halt a price fall in 21-inch sets.