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Premier Wen upbeat on inflation control and sustained growth
By Wang Yanlin |
June 24, 2011, Friday
|
Online Edition
Online Edition
China can control inflation and sustain its steady development, Premier Wen Jiabao said in his article published in today's Financial Times on the eve of his state visit to Europe.
"There is a concern over whether China can rein in inflation and sustain its rapid development. My answer is an emphatic yes," Wen said.
He noted that China has made price control a priority of its macroeconomic regulation and has introduced a raft of targeted policies. "These have worked," Wen said. "The overall price level is within the range of control and is expected to drop steadily."
Some economists estimated China's consumer prices may peak in June or July due to surging food costs and a low comparative base.
Consumer Price Index, the main gauge of inflation, rose 5.5 percent from a year earlier in May, the fastest pace in 34 months. To curb the runaway prices, China has raised the interest rates twice this year, together with six reserve requirement ratio increases.
"There is a concern over whether China can rein in inflation and sustain its rapid development. My answer is an emphatic yes," Wen said.
He noted that China has made price control a priority of its macroeconomic regulation and has introduced a raft of targeted policies. "These have worked," Wen said. "The overall price level is within the range of control and is expected to drop steadily."
Some economists estimated China's consumer prices may peak in June or July due to surging food costs and a low comparative base.
Consumer Price Index, the main gauge of inflation, rose 5.5 percent from a year earlier in May, the fastest pace in 34 months. To curb the runaway prices, China has raised the interest rates twice this year, together with six reserve requirement ratio increases.
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