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Communist Party of China CPC>>News
12:56, March 14, 2011

Premier Wen: Control inflation No 1 job this year
Premier Wen Jiabao said Beijing has put controlling inflation at the fore front of his government's agenda, and will try all means at its disposal to cool down price rises.

Fielding questions at a packed news conference at the Great Hall of the People after the conclusion of the National People's Congress meeting, the Chinese prime minister said China's inflation remains elevated since the end of 2010, as it rose to 4.9 percent in the first two months this year, drawing complaints from the public.

The government has promised to rein in the yearly inflation rate below 4 percent this year. However, it is a daunting job for his government, Wen said.

"Inflation is like a tiger, once it is out of the cage, it is hard to put it back", he said.

He said that Beijing will continue to control credit supply this year, as the premier questioned some foreign central banks' extraordinary "quantitative easing" monetary policy as one of the factors causing excessive liquidity on the global financial market.

Wen urged local Chinese governments to maintain tight control on housing prices, and guarantee adequate supply of grain, meat, vegetables and fruits.

Once again, the premier asked all major cities to strictly implement Central Government's macro-control policy on urban housing, and make public their respective property price control targets for this year.

Wen said that Beijing's voluntary decrease of its yearly economic growth rate to annual seven percent during the next five years, will make the world's second largest economist more sustainable.

Wen said that his government's lowering China's annual GDP growth from previous 8 percent to 7 percent during 2011-2015 period and beyond, is an "important decision" that Beijing has made to bring China's economy to a higher ladder that is more "environmental friendly" and "more efficient".

Wen suggested China's entrepreneurs invest to build up more medium and small-sized businesses that have a higher scientific and technological content.

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