Chinese ‘superiority’ keeps its inflation low, economic planner boasts as US prices keep rising
- ‘Preventing imported inflation’ and domestic inflation are key to keeping China’s economy in reasonable range, Premier Li Keqiang warns
- China’s top economic planning agency is watching pricing trends of commodities while strengthening market controls, with focus on critical staples: grain, pork and coal
With consumer prices continuing their skyward trajectory in the United States, reaching a nearly 41-year high, China is becoming increasingly vigilant and wary of “uncertain and unstable factors” that could affect its own prices in the second half of the year.
The warning on Thursday, from the country’s top economic planning agency, came after Premier Li Keqiang flagged “imported inflation” at a symposium where China’s economic situation was discussed with economists and entrepreneurs, according to state media reports.
“To keep the economy running within a reasonable range … we should not only stabilise growth but also prevent inflation and pay attention to preventing imported inflation,” official broadcaster CCTV quoted Li as saying at the Tuesday event.
Such a shift by the Fed would further put pressure on the global economy.