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Commerce official: prices to keep stable on China market
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15:24, February 10, 2009

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Prices in domestic commodity markets, including the production materials market and the consumer goods market, will not experience big fluctuations in the first half of this year, said Jiang Zengwei, Vice Minister of China's Ministry of Commerce, at a press conference on February 9.

Jiang noted that in January, the daily necessities market saw generally stable prices for grain, a slight decline in the price of edible oil and a small rise in the price of meat compared with December 2008, as well as a 30 percent surge in vegetable prices compared with the previous month due to seasonal and holiday factors.

The overall price level of production materials experienced a 1.3 percent fall from last December, 0.5 percentage points below the month-earlier level.

With the growing impact of the international financial crisis on the real economy, signs of the global economic recession have become highly noticeable. As a result, prices for commodities including crude oil and iron ore have declined.

In view of the above conditions, a series of measures issued by China's central government to boost domestic demand have played a positive role in keeping the stability of market prices, and paved the way for China to achieve around 8 percent yearly economic growth in 2009.

By People's Daily Online

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