Consumer price increase seen 'mild'
Source: Xinhua |
March 15, 2010, Monday
|
Print Edition
Print Edition
CONSUMER price increase in China is expected to be "mild and controllable" this year, Fang Aiqing, assistant commerce minister, said on Saturday.
"The country's inflation target this year has been set in accordance with the real situation and is expected to be achievable," Fang said at a press conference on the sidelines of the National People's Congress session in Beijing.
China targets consumer prices to rise around 3 percent this year, Premier Wen Jiabao said when he delivered a government work report at the opening of the NPC's annual session last week.
Fang said factors such as rising global commodity prices, higher costs of raw materials, labor and environmental protection are all likely to boost domestic prices.
However, as the government enhances and improves macro regulations and market supplies exceed demand, prices are likely to stabilize, he said.
The consumer price index, a main gauge of inflation, rose 2.7 percent annually in February, compared with a decline of 1.6 percent a year earlier.
Rising food prices, the Spring Festival holiday and a lower comparison base last year all contributed to the CPI rise in February, he said.
Fang also said that consumption is expected to contribute more to China's economic growth this year.
"We are confident that consumption will play a bigger role in pushing economic growth this year, but the exact rate of its contribution to gross domestic product will depend on the development of investment and foreign trade," he said.
China will spend more efforts to promote consumption this year, he said. The measures will include maintaining the subsidized programs of home appliance and auto purchase for farmers and home appliances replacement policies, and improving distribution network in rural areas.
Consumption contributed 4.6 percentage points to China's GDP growth of 8.7 percent last year.
"The country's inflation target this year has been set in accordance with the real situation and is expected to be achievable," Fang said at a press conference on the sidelines of the National People's Congress session in Beijing.
China targets consumer prices to rise around 3 percent this year, Premier Wen Jiabao said when he delivered a government work report at the opening of the NPC's annual session last week.
Fang said factors such as rising global commodity prices, higher costs of raw materials, labor and environmental protection are all likely to boost domestic prices.
However, as the government enhances and improves macro regulations and market supplies exceed demand, prices are likely to stabilize, he said.
The consumer price index, a main gauge of inflation, rose 2.7 percent annually in February, compared with a decline of 1.6 percent a year earlier.
Rising food prices, the Spring Festival holiday and a lower comparison base last year all contributed to the CPI rise in February, he said.
Fang also said that consumption is expected to contribute more to China's economic growth this year.
"We are confident that consumption will play a bigger role in pushing economic growth this year, but the exact rate of its contribution to gross domestic product will depend on the development of investment and foreign trade," he said.
China will spend more efforts to promote consumption this year, he said. The measures will include maintaining the subsidized programs of home appliance and auto purchase for farmers and home appliances replacement policies, and improving distribution network in rural areas.
Consumption contributed 4.6 percentage points to China's GDP growth of 8.7 percent last year.
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