China says inflation under control, growth strong

BEIJING Wed Oct 27, 2010 12:16pm IST

Customers shop for vegetables at a supermarket in Shenyang, Liaoning province September 11, 2010. REUTERS/Sheng Li/Files

Customers shop for vegetables at a supermarket in Shenyang, Liaoning province September 11, 2010.

Credit: Reuters/Sheng Li/Files

Related Topics

BEIJING (Reuters) - Inflation in China will stay under control in the coming months, while economic growth will remain strong as the private sector kicks into gear, China's economic planning agency said on Wednesday.

"China's economy is gradually moving towards a market-driven mode from a stimulus-driven one," the National Development and Reform Commission (NDRC) said in a statement on its website (www.ndrc.gov.cn).

China's consumer price index hit a 23-month high of 3.6 percent in the year to September, and analysts said high inflation, coupled with rising asset prices, was a key reason for the central bank's surprise increase of interest rates last week.

China has set a 3.0 percent target for average inflation over 2010.

Growth in the third quarter was 9.6 percent from a year earlier. This was well above the government's target of 8 percent for 2010, though it marked a slowdown from a 10.3 percent pace in the second quarter and 11.9 percent in the first quarter.

In the statement, which was a summary of an NDRC meeting with officials from 13 provinces, the agency said growth in some provinces may slow further, partly due to increasing pressure from Beijing to meet emission reduction targets.

NDRC added that some Chinese provinces are facing difficulties in fulfilling targets in "energy saving and pollution reduction". It did not mention any of the laggards by name.

(Reporting by Zhou Xin and Kevin Yao; Editing by Simon Rabinovitch)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Group of 20

REUTERS SHOWCASE

Modi Speaks

Modi Speaks

PM Modi says al Qaeda will fail in India - CNN.  Full Article 

Alibaba Listing

Alibaba Listing

Alibaba surges on massive demand in trading debut  Full Article 

Importing Rice

Importing Rice

Top rice exporter India importing over 100,000 T on temporary supply squeeze.  Full Article 

GSK Fined

GSK Fined

China hands drugmaker GSK record $489 mln fine, sentences executives.  Full Article 

HMT in Demand

HMT in Demand

Fans rush to HMT as watchmaker marks time.  Full Article 

Apple Not Cool?

Apple Not Cool?

Some consumers say Apple is losing its "cool" factor  Full Article 

Asian Games 2014

Asian Games 2014

Full coverage of the 17th Asian Games as Incheon.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage