Li Xiaochao (R Rear), Spokesman
of National Bureau of Statistics, speaks at a press conference in Beijing,
Oct. 20. China's consumer price index rose 4.6 percent in September over
the same period last year. (Xinhua Photo) Photo Gallery>>>
BEIJING, Oct. 20 (Xinhua) -- China's consumer price
index (CPI),the main gauge of inflation, rose 4.6 percent in September over the
same period last year, the National Bureau of Statistics said on Monday.
The figure, compared with 7.1 percent in June, 6.3
percent in July, 4.9 percent in August and a nearly 12-year-high of 8.7 percent
in February, was broadly in line with most forecasts.
In the first nine months of this year, the inflation
indicator rose 7.0 percent from the same period last year: 6.7 percent for urban
areas and 7.7 percent for the countryside. The growth rate was 0.9 percentage
points lower than that in the first half.
Food prices, which account for more than a third of
the CPI calculation, rose 17.3 percent during the January to September period.
Zhuang Jian, an Asian Development Bank (ADB)
economist said: "The figure indicated the government's measures to tame
inflationary were effective, and the country's inflation pressure has been
greatly eased."
An official with Ministry of Commerce who declined to
be named told Xinhua that the declining CPI growth was within the government's
expectation, and it was likely to continue a declining momentum in the future.
Despite a drop in the CPI growth, the producer price
index (PPI), which measures the value of finished products when they leave the
factory, rose 8.3 percent in the first nine months, said the bureau. The growth
rate was 5.6 percentage points higher than the same period last year.
In September alone, the PPI rose 9.1 percent over the
same month a year earlier. The growth rate was one percentage point lower than
the record 10.1 percent in August.
Meanwhile, the purchaser prices for raw materials,
fuel and power rose 12.4 percent in the first nine months. The growth rate was
8.6 percentage points higher than a year earlier.
"Surging fuel and raw material prices in the world
markets had pushed up domestic prices through a chain effect. Oil price, for
example, rose almost 50 percent than that at the beginning of the year," Zhuang
said.
"However, the PPI rise is expected to slow down in
the coming months as world fuel price drop. It would not immediately increase
pressure on the CPI," he added.
Yao Jingyuan, chief economist of the bureau, said
price falls in consecutive five months had given the government more leverage to
implement economic control, expand domestic demand and loose price control on
resources materials.
"Since inflation pressure has been greatly eased, the
country should be cautious about a weakening economic growth," said Li Xiaochao,
spokesman with the bureau.
The NBS said on Monday morning that China's gross
domestic product (GDP) grew 9.9 percent year on year to 20.163 trillion yuan
(2.96 trillion U.S. dollars) in the first three quarters of this year.
The growth rate was 2.3 percentage points lower than
the same period of last year, or 0.5 percentage points lower than the first half
of this year.
Zuo Xiaolei, China Galaxy Securities chief economist,
said the country should consider moderately easing the tightened economic policy
and focus its efforts on maintaining a fast economic development.
In recent months, most of China's economic figures
indicated that the country's economy has cooled down, led by both domestic
policies and the ebbing world economy.
China's foreign trade, in particular, was affected by
a weakening international demand. Earlier figure from China Customs showed the
country's export was 1.07 trillion U.S. dollars in the first three quarters, up
22.3 percent over the same period last year, but the growth rate was 4.8
percentage lower year on year.
"China has to upgrade its economic growth
structure--export can hardly grow fast in the near future -- it is the right
time for the government to boost domestic demand and stimulate consumption," Zuo
said.
"Considering the poor people are more prone to spend
their money when incomes increased, the policy makers should increase incomes
and improve lives of this kind of people," she said.
Zhao Jinping, an economist, suggested China should
increase prices of farm products and increase income of farmers, while improving
social insurance system covering education, medical treatment, and aged
treatment.
BEIJING, Oct. 20 (Xinhua)
-- China's gross domestic product (GDP) grew 9.9 percent year on year to 20.163
trillion yuan (2.96 trillion U.S. dollars) in the first three quarters of this
year, the National Bureau of Statistics (NBS) said on Monday.
The growth rate was 2.3 percentage points lower than the
same period of last year, or 0.5 percentage points lower than the first quarter
of this year. Full story
BEIJING, Oct. 20 (Xinhua)
-- China's fixed assets investment totaled 11.6246 trillion yuan (1.66 trillion
U.S. dollars) in the first nine months, up 27.0 percent over the same period
last year, the National Bureau of Statistics (NBS) said on Monday.
The growth rate was 0.7 percentage points higher than the
first half of this year, or 1.3 percentage points higher than the year-earlier
level. Full story
