ID :
207070
Wed, 09/14/2011 - 12:24
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Shortlink :
https://oananews.org//node/207070
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China vows to continue prudent monetary policy
HONG KONG, Sept. 14 (Yonhap) -- China said Wednesday it will continue to implement a prudent monetary policy in order to control the country's high inflationary pressure.
"In light of the contradictions that we are facing during economic development, we need to keep carrying out positive fiscal and prudent monetary policies. We need to ensure the continuity and stability of our macro-economic policies," Chinese Premier Wen Jiabao said in a televised speech at the opening of the World Economic Forum's annual meeting in the Chinese city of Dalian.
"We need to maintain the general stability of price levels and prevent economic upheaval to fully achieve this year's economic and social development goals."
Last month, China's consumer price growth slowed to 6.2 percent last month from a year earlier, after reaching a 36-month record high of 6.5 percent registered in July.
China's inflation grew more than 5 percent for the fifth straight month and exceeded 6 percent for the third month in a row. The slowdown in August was due mainly to stabilizing food prices amid Beijing's efforts to cool down prices.
To curb soaring inflation, the People's Bank of China, the country's central bank, has raised the benchmark interest rate three times this year and increased the reserve requirement ratio six times.
The premier said China's economy is generally in good shape.
In the first quarter of 2011, China's economy grew 9.7 percent on-year, slightly down from the 9.8 percent expansion during the same quarter a year earlier. Last year, the Chinese economy expanded 10.3 percent. Beijing is seeking to contain its economic growth in the 8 percent range this year.
The lower speed of growth "is mostly the result of proactive macro regulation and is not beyond our expectation," he said.
The Asian Development Bank said earlier on Wednesday it has cut its 2011 growth forecast for China to 9.3 percent from 9.6 percent projected in April.
"In light of the contradictions that we are facing during economic development, we need to keep carrying out positive fiscal and prudent monetary policies. We need to ensure the continuity and stability of our macro-economic policies," Chinese Premier Wen Jiabao said in a televised speech at the opening of the World Economic Forum's annual meeting in the Chinese city of Dalian.
"We need to maintain the general stability of price levels and prevent economic upheaval to fully achieve this year's economic and social development goals."
Last month, China's consumer price growth slowed to 6.2 percent last month from a year earlier, after reaching a 36-month record high of 6.5 percent registered in July.
China's inflation grew more than 5 percent for the fifth straight month and exceeded 6 percent for the third month in a row. The slowdown in August was due mainly to stabilizing food prices amid Beijing's efforts to cool down prices.
To curb soaring inflation, the People's Bank of China, the country's central bank, has raised the benchmark interest rate three times this year and increased the reserve requirement ratio six times.
The premier said China's economy is generally in good shape.
In the first quarter of 2011, China's economy grew 9.7 percent on-year, slightly down from the 9.8 percent expansion during the same quarter a year earlier. Last year, the Chinese economy expanded 10.3 percent. Beijing is seeking to contain its economic growth in the 8 percent range this year.
The lower speed of growth "is mostly the result of proactive macro regulation and is not beyond our expectation," he said.
The Asian Development Bank said earlier on Wednesday it has cut its 2011 growth forecast for China to 9.3 percent from 9.6 percent projected in April.
