Premier says priority is price control
Source: Xinhua |
September 1, 2011, Thursday
|
Print Edition
Print Edition
STABILIZING consumer prices remains at the top of the Chinese government's macro-regulation agenda, Premier Wen Jiabao wrote in an article published today in Qiushi magazine.
The government will implement the property market regulation policy resolutely to ensure its effectiveness, Wen said in the article.
Qiushi, or Seeking Truth, is the flagship magazine of the Communist Party of China's Central Committee.
Wen wrote that China's slowing growth is to a large extent the result of the government's macro-regulation policies, but growth has been kept at a reasonable level and also within expectations.
In general, the economy is sound, including improving relationships between quality and quantity, structure and efficiency.
Wen said more attention has been given to tackling price rises this year, and more has been done to reduce the impact on the economy of both economic and non-economic factors, and to sort out other problems in order to consolidate and expand the results of the struggle against the global financial crisis.
He wrote: "Our country's economic development continues to face a very complicated, unstable and uncertain environment, both at home and abroad. We should keep a sober mind, enhance our awareness of risk, and have a full appreciation of the complexity and severity of the present situation."
China's Consumer Price Index is hovering at high levels driven by the soaring food prices that account for a third of its weight.
July's reading reached a 37-month high of 6.5 percent, well above the government's target 4 percent. Analysts expect it to stay above 6 percent for August.
The pessimism is echoed by the National Development and Reform Commission, the country's top economic planner, which this week said prices may remain high, hampering the struggle against inflation.
External inflationary pressures have not eased and global commodity prices are still high, the commission said.
Many analysts expect China will face further pressure from the global economy, as the weakening US dollar, a result of the ultra-loose monetary policy in the US, could push commodity prices up further.
The commission also warned of uncertainties concerning the country's grain harvest this year, due to prolonged drought in some regions and the potential for natural disasters during the rest of the year.
Wen wrote that following an array of measures to tackle inflation, authorities should work hard to ensure a good grain harvest, push forward economic restructuring, reduce emissions and save energy.
Wen said policy should be more targeted, flexible and pre-emptive, the better to manage stable and fast economic growth, economic restructuring and inflation.
The government will implement the property market regulation policy resolutely to ensure its effectiveness, Wen said in the article.
Qiushi, or Seeking Truth, is the flagship magazine of the Communist Party of China's Central Committee.
Wen wrote that China's slowing growth is to a large extent the result of the government's macro-regulation policies, but growth has been kept at a reasonable level and also within expectations.
In general, the economy is sound, including improving relationships between quality and quantity, structure and efficiency.
Wen said more attention has been given to tackling price rises this year, and more has been done to reduce the impact on the economy of both economic and non-economic factors, and to sort out other problems in order to consolidate and expand the results of the struggle against the global financial crisis.
He wrote: "Our country's economic development continues to face a very complicated, unstable and uncertain environment, both at home and abroad. We should keep a sober mind, enhance our awareness of risk, and have a full appreciation of the complexity and severity of the present situation."
China's Consumer Price Index is hovering at high levels driven by the soaring food prices that account for a third of its weight.
July's reading reached a 37-month high of 6.5 percent, well above the government's target 4 percent. Analysts expect it to stay above 6 percent for August.
The pessimism is echoed by the National Development and Reform Commission, the country's top economic planner, which this week said prices may remain high, hampering the struggle against inflation.
External inflationary pressures have not eased and global commodity prices are still high, the commission said.
Many analysts expect China will face further pressure from the global economy, as the weakening US dollar, a result of the ultra-loose monetary policy in the US, could push commodity prices up further.
The commission also warned of uncertainties concerning the country's grain harvest this year, due to prolonged drought in some regions and the potential for natural disasters during the rest of the year.
Wen wrote that following an array of measures to tackle inflation, authorities should work hard to ensure a good grain harvest, push forward economic restructuring, reduce emissions and save energy.
Wen said policy should be more targeted, flexible and pre-emptive, the better to manage stable and fast economic growth, economic restructuring and inflation.
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