Wen vows growth and inflation under control
By Wang Yanlin |
June 25, 2011, Saturday
|
Print Edition
Print Edition
China can control inflation and sustain steady economic growth, Premier Wen Jiabao said yesterday.
"There is concern as to whether China can rein in inflation and sustain its rapid development. My answer is an emphatic yes," Wen wrote in an article published in yesterday's Financial Times.
Rapid price increases posed a common challenge to many countries, especially to China and other emerging economies, the premier said.
"China has made capping price rises the priority of macroeconomic regulation and introduced a host of targeted policies. These have worked.
"The overall price level is within a controllable range and is expected to drop steadily. The output of grain, of which there is now an abundant supply, has increased for seven years in a row. There is an oversupply of main industrial products. Imports are growing fast," Wen said. "We are confident price rises will be firmly under control this year."
China was now at a new starting point in its drive for development, Wen said.
He said China will continue to pursue economic structural adjustment, boost research and development, and education, save energy and resources, promote ecological and environmental conservation, and narrow the regional and urban-rural gap.
"China's drive for industrialization and urbanization is gathering pace. Its economy is increasingly market-oriented and internationalized," Wen said, adding that "we are fully capable of sustaining steady and fast economic growth."
Wen emphasized China's efforts to fight the global economic crisis, saying "the thrust of China's response to the crisis is to expand domestic demand and stimulate the real economy, strengthen the basis for long-term development and make growth domestically driven."
"A notable result of our response to the crisis is that China has maintained steady and fast growth," he said, citing China's gross domestic product annual growth rate of 9.6 percent, 9.2 percent and 10.3 percent, respectively, between 2008 and 2010.
The global economy has been recovering since the eruption of the financial crisis three years ago, but many uncertainties remain and the recovery is fragile, Wen said.
"While the shock of the crisis has yet to end, new risks have emerged," Wen said, calling on the world to cooperate closely to meet the challenges.
Wen's article helped bolster investor confidence. Yesterday, shares in Shanghai rose 2.16 percent, the strongest rally in four months.
He is attending the three-day United Kingdom-China Summit which begins today. He arrived in Budapest, Hungary, yesterday, the first leg of his Europe tour that will also take him to Britain and Germany.
"There is concern as to whether China can rein in inflation and sustain its rapid development. My answer is an emphatic yes," Wen wrote in an article published in yesterday's Financial Times.
Rapid price increases posed a common challenge to many countries, especially to China and other emerging economies, the premier said.
"China has made capping price rises the priority of macroeconomic regulation and introduced a host of targeted policies. These have worked.
"The overall price level is within a controllable range and is expected to drop steadily. The output of grain, of which there is now an abundant supply, has increased for seven years in a row. There is an oversupply of main industrial products. Imports are growing fast," Wen said. "We are confident price rises will be firmly under control this year."
China was now at a new starting point in its drive for development, Wen said.
He said China will continue to pursue economic structural adjustment, boost research and development, and education, save energy and resources, promote ecological and environmental conservation, and narrow the regional and urban-rural gap.
"China's drive for industrialization and urbanization is gathering pace. Its economy is increasingly market-oriented and internationalized," Wen said, adding that "we are fully capable of sustaining steady and fast economic growth."
Wen emphasized China's efforts to fight the global economic crisis, saying "the thrust of China's response to the crisis is to expand domestic demand and stimulate the real economy, strengthen the basis for long-term development and make growth domestically driven."
"A notable result of our response to the crisis is that China has maintained steady and fast growth," he said, citing China's gross domestic product annual growth rate of 9.6 percent, 9.2 percent and 10.3 percent, respectively, between 2008 and 2010.
The global economy has been recovering since the eruption of the financial crisis three years ago, but many uncertainties remain and the recovery is fragile, Wen said.
"While the shock of the crisis has yet to end, new risks have emerged," Wen said, calling on the world to cooperate closely to meet the challenges.
Wen's article helped bolster investor confidence. Yesterday, shares in Shanghai rose 2.16 percent, the strongest rally in four months.
He is attending the three-day United Kingdom-China Summit which begins today. He arrived in Budapest, Hungary, yesterday, the first leg of his Europe tour that will also take him to Britain and Germany.
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