More headwinds ahead

A STRONGER SENSE OF RESPONSIBILITY AND urgency is badly needed for Chinese policymakers to achieve this year's economic growth target as the downward pressure will likely remain heavy for the rest of the year.

The rising consumer price increases and slowing producer price declines in May are among the latest signs, such as accelerated manufacturing and export growth, which tentatively show that the Chinese economy is stabilizing from a bumpy start to the year.

However, the World Bank's latest projection of lower global growth for 2014 is a warning that Chinese policymakers should take into full consideration when trying to lift the world's second-largest economy from its slowest growth in 18 months in the first quarter.