Chinese School – Wangfujing street to be reconstructed

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Wangfujing street to be reconstructed

www.chinanews.cn 2007-03-23 15:22:39

To embrace the 2008 Beijing Olympic Games, Wangfujing street, the famous
commercial area in Beijing, starts reconstruction work on March 22.

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Chinese School – China has no inflation pressure in middle term

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China has no inflation pressure in middle term

www.chinanews.cn 2007-03-22 09:03:22

Chinanews, Mar. 22 �C Although the consumer price index (CPI) has kept
growing over the past four months, this doesn’t mean that Chinese economy
will incur much inflation pressure in the middle term. Chinese government
is more concerned with the inflation trend, not the current inflation
level, said Zhou Xiaochuan, governor of the People’s Bank of China, when
he attended the recent annual forum of the Inter-American Development
Bank, the Shanghai Securities Journal reported.
Last year, Chinese economy maintained a mode of high growth with low
inflation rate, with the CPI growing by only 1.5% compared with the same
period of the year before. However, in last November, CPI growth reached
1.9%, hitting a new high in twenty months. In last December, CPI growth
further touched 2.8%. The trend continued in the new year. In January and
February 2007, CPI growth rates reached 2.2% and 2.7%, respectively.
The high CPI growth has raised widespread concern in society. Zhou
Xiaochuan also admitted that the CPI had grown ��relatively high.��
According to Chinese government work report, China intends to control CPI
growth to below 3% this year.
In order to curb inflation, the central bank raised the interest rate
last Saturday. The central bank said that it raised the Benchmark
Interest Rates for Renminbi in order that the pricing system could remain
stable. It is obvious that the central bank has taken some measures in
advance to prevent the possible inflation rise.

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