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Chinanews, Beijing, Sept 14 – Chinese economist1 Lin Yifu said on Wednesday that commodity prices in China would remain at a high level for the next few years, the Beijing News reported.
He made the prediction while attending the Tenth Beijing Taiwan Technology Cooperation Forum2. The just released CPI figure for August is within the expectation. In the next few years, Chinese commodity prices will continue to remain at a high level as excessive production and deflation, which have bothered China for the past few years, no longer exist now. Such is the result of industrial changes and government efforts to shift the industrial structure, Lin said. “In future, as long as investment maintains a high growth, commodity prices will keep at a high level. The high commodity prices are not necessarily the result of the imbalance between supply and demand (as in the case of the pork price this year); in fact Chinese economy has now entered into a state of balance - when investment grows, commodity prices will also grow,” Lin said, adding that the high economic growth and low inflation situation, which were commonly seen in the past, could not last long in future. He further predicted that starting from this year, Chinese monetary3 policies would witness some big changes. “I hope that Renminbi appreciation4 rate can keep at 3% in a year, or may be 4%. But it should not exceed 4%,” the economist said.
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