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China to continue prudent monetary policy, says premier

(Xinhua)

13:20, September 14, 2011

DALIAN, Sept. 14 (Xinhua) -- Chinese Premier Wen Jiabao said Wednesday the Chinese government will continue to implement a prudent monetary policy and a proactive fiscal policy to control inflation and maintain growth.

China will make its policy responses "more targeted, flexible and forward-looking in light of changes in the economy," Wen said in a keynote speech at the opening of the World Economic Forum's annual meeting in the northeastern city of Dalian.

China's economy is generally in good shape and price rises as a whole are under control, said the premier.

The country's consumer price index, a main gauge of inflation, surged by a 37-month high of 6.5 percent in July before cooling to 6.2 percent in August.

To curb soaring inflation, the People's Bank of China, the country's central bank, has raised the benchmark interest rate three times this year and increased the reserve requirement ratio six times.

Economic growth has slowed since the first quarter of this year, but Chinese authorities have ruled out the likelihood of an economic hard landing.

Wen said the lower speed of growth "is mostly the result of proactive macro regulation and is not beyond our expectation."

China's economy expanded by 9.5 percent year-on-year in the second quarter of 2011, tapering off slightly from the 9.7-percent growth posted in the first quarter and 9.8 percent in the fourth quarter of last year.


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