|
|
|
|
|
China vows to control massive inflation, warns of risks from a global slowdown and the U.S. credit crisis
|
|
 |
This Link is located in the Public Channel Chinese Bubble.
Posted by ian 2 years 15 days ago (mercurynews.com). Views: 178
Tags: china |
| Related Tags: news olympics chinese bubble gold inflation dollar housing bubble |
China's premier called for "powerful measures" to rein in inflation that is battering ordinary Chinese and warned of risks from a global slowdown and the U.S. credit crisis.
In an annual policy speech to legislators Wednesday, Premier Wen Jiabao said a top priority will be cooling sharp price rises blamed on shortages of key food items. He said Beijing will use price controls and credit curbs to hold annual inflation to 4.8 percent.
"To fulfill this task, we must take powerful measures to increase effective supply while curbing excessive demand," Wen told members of the National People's Congress. He warned that China faces "considerable inflationary pressure."
Chinese leaders worry that high inflation could erode rising living standards and hurt China's large numbers of rural and urban poor—people that Wen and President Hu Jintao have vowed to help.
Inflation began shooting up in mid-2007, reaching 7.1 percent in January—the highest rate in 11 years—led by an 18.2 percent jump in food prices. Economists expect it to rise further before peaking in coming months as efforts to boost food supplies start to show results.
View Original Article
< Prev Item | Next Item >
|
|
|
|
|
|
