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| Customers choose fruits at a market in Shenyang, capital of northeast China's Liaoning Province, March 11, 2010. China's consumer price index (CPI), a main gauge of inflation, rose 2.7 percent year on year in February, the National Bureau of Statistics announced Thursday. (Xinhua/Li Gang) |
Liu Mingkang, chairman of the China Banking Regulatory Commission, Wednesday told Xinua that China's CPI could rise slightly, but the chances of inflation being more than moderate were very small.
"Don't panic and be afraid about inflation as the global recovery will be a long, winding and complicated process," he said.
Liu vowed the commission would keep a close eye on the situation so as to properly manage inflationary expectations.
The government has set a target limit of a 3-percent rise in consumer inflation for 2010, said Premier Wen Jiabao last week in his speech to open the annual parliamentary session.
Thursday's NBS data also showed that fixed asset investment rose 26.6 percent in the first two months of the year.
The government has taken actions to ease inflationary pressures by ordering banks to increase their reserve ratios three times since December to curb their lending.
Those measures seem to be working as Thursday's data from the central bank showed new yuan-denominated lending in February stood at 700.1 billion yuan, down by half from January's 1.39 trillion yuan.
The government aims to restrict this year's credit growth to 7.5 trillion yuan as inflation expectations rose after 2009's new loans hit a record 9.59 trillion yuan, almost double that of the previous year.
Liu also promised the commission would ensure every penny of this year's new lending flowed into the real economy.
In other signs of China's strong recovery from the global downturn, Wednesday's customs data showed that exports surged 45.7 percent year on year in February, extending its rebound into the third month.
Industrial output grew 20.7 percent in the first two months, while retail sales of consumer goods were up 17.9 percent.
Related:
China's PPI up 5.4% in Feb.
BEIJING, March 11 (Xinhua) -- The producer price index (PPI), a major measure of inflation at the wholesale level, rose 5.4 percent in February from a year earlier, the National Bureau of Statistics (NBS) announced Thursday.Full story
China's industrial added value up 20.7% in Feb.
BEIJING, March 11 (Xinhua) - China's industrial added value went up 20.7 pct in February year on year, the National Bureau of Statistics (NBS) announced Thursday.Full story
China reports 700 bln yuan of new loans in Feb.
BEIJING, March 11 (Xinhua) -- China's new yuan-denominated lending in February stood at 700.1 billion yuan (102.65 billion U.S. dollars), half that of January's 1.39 trillion yuan, the People's Bank of China (PBOC, the central bank) said Thursday.Full story
China's exports rebound continues in Feb, up 45.7%
BEIJING, March 10 (Xinhua) -- China's exports grew for the third straight month in February, up 45.7 percent year on year to 94.52 billion U.S. dollars, which indicated a rebound in global demand, the General Administration of Customs announced Wednesday. Full story
China's housing prices hit new high in February
BEIJING, March 10 (Xinhua) -- China's property market grew at the fastest pace in 20 months in February, with housing prices rising at a double digit rate, despite the government's cooling-down moves, according to data released Wednesday by the National Bureau of Statistics (NBS). Full story
