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China's CPI to increase less than government forecast

www.chinanews.cn 2005-03-09 12:39:54

Chinanews, Beijing, Mar. 7 (By Wen Yumin) - Wen Jiabao, Premier of
China's State Council, proposed in the Governmental Work Report that the
increase of the consumer price index (CPI) should be held at or below
four percent this year. Economists attending the Chinese People's
Political Consultative Conference (CPPCC) stated that China would
absolutely be able to realize the above-mentioned goal. These economists
further stated that the actual CPI increase might even come in slightly
lower than the government's expectation.
Lin Yifu, an economist and member of the CPPCC's National Committee, said
today that the CPI increase of last year was mainly due to price hikes in
agriculture, especially grains. Hikes in construction materials and oil
prices also contributed to the CPI increase. However, these three causes
would be eliminated or alleviated to some extent this year.
Xiao Zhuoji, an economist and member of the CPPCC's National Committee,
agreed with Lin's opinion. He said that the actual growth of the CPI
would be below the four-percent goal proposed in the Governmental Work
Report. He pointed out three reasons for his view. First, the upward
trend of raw material prices abated to some extent recently. Second, the
price of production materials would not grow too rapidly as the supply of
industrial consumer products exceeded demand. Third, a bumper harvest of
grain last year would probably slow down the growth of prices of grain
and agricultural products this year.

          ��China's CPI to rise 3.28 0n 2005 (2005-01-17)
          ��CPI expected to rise 4 0n 2004 (2004-12-10)

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