China to properly fine tune macro policy
Updated: 2011-10-31 11:12
Chinese Premier Wen Jiabao speaks at a State Council executive meeting in Beijing, capital of China, Oct 29, 2011. China will make proper fine tuning on its macro policy, keeping it "more targeted, flexible and forward-looking," and continue measures to control consumer prices, China's State Council, or Cabinet, said Saturday.[Photo/Xinhua]
BEIJING-- China will make proper fine tuning on its macro policy, keeping it "more targeted, flexible and forward-looking," and continue measures to control consumer prices, China's State Council, or Cabinet, said Saturday.
The government should maintain control of the intensity, pace and focus of economic regulation and grasp the changes in economic development trend, according to a statement released after a State Council executive meeting chaired by Premier Wen Jiabao.
China's economy has maintained a stable and rapid development this year, with domestic and external demand more balanced and inflation initially under control, it said.
But faced with new problems in the complicated global and domestic economic conditions, Chinese policymakers should keep clear-minded and get fully prepared for next year, said the statement.
China should take pre-measures or fine tune its macro economic regulation at a proper time and at a proper degree, it said.
However, strong measures will be continued to keep consumer prices stable, and price subsidies should go to the needy timely with a moderate increase.
Meanwhile, more work should be done to ensure food supplies, improve the country's distribution system and strengthen price regulations, so as to combat inflation.
To mop up the excessive liquidity that helps fuel inflation, the government implemented a prudent monetary policy this year. The central bank has raised the benchmark interest rates three times this year and hiked the reserve requirement ratio for commercial banks six times.
China's consumer price index (CPI), a main gauge of inflation, eased to 6.1 percent in September from 6.2 percent in August and a 37-month high of 6.5 percent in July. The government's full-year target is around 4 percent for the year.
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