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NDRC: Full-year inflation to exceed target

09-14-2011 14:13 BJT

DALIAN -- China's full-year inflation might exceed the country's 2011 full-year target of 4 percent, judging from the current trend, said Zhang Xiaoqiang, deputy chief of the National Development and Reform Commission.

However, China will continue to put the inflation management as its top priority, Zhang said at a press conference on the sidelines of the Summer Davos in Dalian.

China's consumer price index (CPI), a main gauge of inflation, eased to 6.2 percent year on year in August, from 6.5 percent in July, according to the National Bureau of Statistics (NBS).

The 4 percent target was the country's previous prediction for the full-year and current trends show that this mark could be exceeded, he said.

Zhang said China's grain output is expected to grow for an eighth consecutive year in 2011 and reach a recorded 560 million tons, which will ease the country's inflationary pressure. Food price is regarded as a key contributor to the elevated CPI.

Other favorable conditions including China's proactive fiscal policy and prudent monetary policy will ease the pressure of excess liquidity, but challenges still exist.China’s efforts to upgrade its economic structure mean that the country is facing imported inflation and rising costs of labor, land and environment.

Editor:Yang Jie |Source: China Daily

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