NDRC: China can ensure price stability

15:26, November 22, 2010      

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"China is able to ensure the stability of the general level of market prices," China's National Development and Reform Commission (NDRC), the country's top economic planner, wrote in an article published on its website on Nov. 22.

With "China's growing fiscal ability and economic strength," the government can increase subsidies for the low-income group in accordance with price increases, the NDRC said.

It noted that China has adequate government reserves of soybeans and edible oils, and the supply of agricultural products and daily public necessities is sufficient, adding that the production capacity of industrial consumption products is far beyond domestic demand.

China's fiscal revenue intake in October rose 14.8 percent year on year to 786.03 billion yuan (118.66 billion U.S. dollars) though the growth rate is likely to slow over the rest of the year, the Ministry of Finance (MOF) said earlier this month.

The NDRC said in the article that in controlling market prices, the government has comprehensive measures, which mainly consist of economic and legal tools aided by administrative methods.

Saturday, the State Council ordered local governments and departments to take further measures to battle rising prices.

Local governments and departments must boost production and ensure supply while checking irrational demand and punishing illegal activities that push up prices, a circular on the government website www.gov.cn said.

By People's Daily Online


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