11/07/2012
According to news agencies worldwide the National Bureau of Statistics annual data showed decline in inflation
for China's consumer prices in June to its lowest level in 29 months, recording 2.2 per cent to 3 per cent in May. The index of consumer prices redused on a monthly basis by 0.6 percent, twice the decline expected by analysts.
This rate recorded last month was the fifth in a row, which comes less than the target rate set by Prime Minister Wen Jiabao at 4 per cent, and the rate of inflation in May was 3 per cent. Jiabao stressed yesterday that the government will improve policies while continuing to work with prudent monetary policies, and added that the Chinese economy is stable, but faces strong pressures, and expected stable growth albeit at a slower pace of the past.
China's central bank cut interest rates this summer in order to stimulate the second largest economy in the world and achieve the targeted growth rate of Chinese Prime Minister, a 7.5 per cent of GDP during the current year.
