Economist warns of China growth woes
By Wang Yanlin |
April 7, 2012, Saturday
|
Print Edition
Print Edition
China should remain alert to inflation while this year's growth will be harder to manage than even 2009 when the global economic crisis was at its worst, economist Cheng Siwei said in Shanghai yesterday.
"Inflationary pressure has shown signs of receding, but it is far from risk-free," Cheng, a former vice chairman of the Standing Committee of the National People's Congress, said in a lecture at Fudan University's School of Management. "When China's housing market and stock market are both weak, speculative money tends to flow into the real goods market and bolster consumer prices."
The Consumer Price Index, the main gauge of inflation, grew 3.2 percent from a year ago in February. It was at a 20-month low but some economists predicted it may rebound in March due to higher food costs.
The central government has set a target of controlling inflation under 4 percent this year. But Cheng said China would be lucky if the country can keep inflation below 5 percent.
"Inflationary pressure has shown signs of receding, but it is far from risk-free," Cheng, a former vice chairman of the Standing Committee of the National People's Congress, said in a lecture at Fudan University's School of Management. "When China's housing market and stock market are both weak, speculative money tends to flow into the real goods market and bolster consumer prices."
The Consumer Price Index, the main gauge of inflation, grew 3.2 percent from a year ago in February. It was at a 20-month low but some economists predicted it may rebound in March due to higher food costs.
The central government has set a target of controlling inflation under 4 percent this year. But Cheng said China would be lucky if the country can keep inflation below 5 percent.
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