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Cover Stories Series 2011> Inflation Strikes> Video
UPDATED: March 1, 2011
Chinese Government Steps up to Curb Inflation


Questions concerning rising prices were put to Chinese Premier Wen Jiabao in his online chat on February 27. He told the Internet users that he would not allow the consumer prices to surge unchecked in the country.

Premier Wen said maintaining the stability of prices has always been the priority of China's economic development, as excessive increases in consumer prices would not only affect people's life but also hamper social stability.

The premier said China will take more measures to further constrain inflation.

The country's monetary policy has been shifted to a prudent one since the beginning of the year.

Several programs have been carried out to boost grain output. Price speculation is strictly forbidden. And farm produce transportation has been optimized.

To make the move even more effective, 4 billion yuan ($606 million) will be allocated for rural water conservation projects, with more funds ready depending on the development of drought.

China's consumer price index (CPI), a major gauge of inflation, rose 4.9 percent in January from a year earlier as food prices increased 10.3 percent due to strengthening demand and a drought in key grain-growing regions.

The CPI rose by 4.6 percent in December and 5.1 percent in November, a 28-month high.

The country has stepped up its fight against inflation as soaring prices of food and other commodities have stoked price pressures that pose growing risks to the economy.

Wen said with more measures better implemented, the Chinese government can be sure to succeed in easing inflation.

(CNTV.cn February 28, 2011)

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