China capable of meeting 3% CPI target: official
China will see its consumer price index continue to run within a reasonable range and is capable of attaining the 3-percent annual target amid the global inflation surge, an official said Thursday.
"China's inflation level is far lower than that of major economies such as the United States and the European Union, remaining a significant stabilizer for global prices," Meng Wei, spokesperson for the National Development and Reform Commission, told a press conference.
The country's CPI rose 2.1 percent year on year in May, growing at a rate unchanged from April. The producer price index (PPI), which measures costs for goods at the factory gate, saw its growth slow to 6.4 percent in May, moderating for seven consecutive months.
Stable production and sufficient supply of food, coupled with efforts to smoothen logistics bottlenecks, will continue to underpin the steady consumer prices, Meng said.
On the PPI front, citing self-sufficient grain supply, ample coal resources and measures aiming to stabilize prices, Meng expected the PPI rise to further narrow, despite geopolitical disruptions in the international energy and grain market.
On Wednesday, a State Council's Executive Meeting noted that China will take stronger policy measures whenever and wherever needed to stabilize economic activity, without resorting to excessive money supply or compromising long-term interests.