Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Policies

    Inflation moderates in January

    By OUYANG SHIJIA | China Daily | Updated: 2022-02-17 07:37
    Share
    Share - WeChat
    A customer shops vegetables at a supermarket in Nanjing, East China's Jiangsu province, Feb. 16, 2022. [Photo/Xinhua]

    China's economic growth will recover to over 5 percent in 2022 despite headwinds, as the government has pledged front-loaded policy support to shore up growth, experts said on Wednesday.

    They anticipate more policy easing, such as reduction in the reserve requirement ratio, as well as increased infrastructure spending and further tax cuts, in a bid to promote stable and sound economic growth this year.

    Their comments came as China's factory-gate inflation hit a six-month low and consumer price inflation slowed year-on-year in January, which leaves room for policymakers to further ease monetary policy to spur growth.

    China's producer price index, which gauges factory-gate prices, rose 9.1 percent year-on-year in January, down from 10.3 percent in the previous month, the National Bureau of Statistics said on Wednesday.

    Dong Lijuan, a senior statistician at the bureau, said growth in producer prices slowed as the prices of some commodities such as coal and steel fell last month, and consumer prices remained generally stable with the help of government measures to ensure market supplies of products vital to people's livelihoods.

    China's consumer price index, a main gauge of inflation, rose 0.9 percent year-on-year in January, down from 1.5 percent in the previous month, according to the NBS.

    Wen Bin, chief analyst at China Minsheng Bank, expected to see falls in factory-gate price inflation due to the high-base effect from the previous year, saying that overall inflation is expected to remain controllable, which means policymakers will feel less constrained to step up policy support on the monetary front.

    Zhou Maohua, an analyst at China Everbright Bank, said falling factory-gate price inflation helps ease the pressure on raw material costs and boosts the profitability of midstream and downstream enterprises.

    Considering the mild increase in consumer prices and slow growth of PPI, Zhou took an optimistic view of China's economic recovery this year, saying it will create a better environment for expanding domestic demand.

    Luo Zhiheng, chief economist at Yuekai Securities, forecast China's GDP growth will reach around 5.2 percent this year, with consumption, manufacturing investment and new infrastructure investment serving as key driving forces.

    Luo said that the second quarter may mark the low point of the year's economic performance, and GDP growth will then stabilize and rebound to higher levels in the third and fourth quarters.

    To better stabilize the overall economy, Luo said the country needs to strictly implement COVID-19 prevention and control measures, increase cross-cyclical adjustments and enhance support for small and medium-sized enterprises and hard-hit sectors. More efforts will also be made to spur consumption and expand effective consumption in fields such as weak links, advanced manufacturing and infrastructure.

    Luo's views were echoed by Cheng Shi, chief economist at Hong Kong-based ICBC International, who said the Chinese economy will gradually stabilize in the second half of 2022, and China's GDP growth may reach 5.1 percent for the whole year.

    With consumption growing mildly due to slow job and wage growth, Iris Pang, chief China economist at Dutch bank ING, believes the engine of growth for 2022 has to be infrastructure investment. "I expect around 5.4 percent GDP growth, but this is based on my expectation that infrastructure investment would grow by around 10 percent."

    With growth in core CPI staying unchanged in January, Wu Chaoming, chief economist at Chasing Securities, said this showcases the strong resilience of the Chinese economy.

    In the short term, stabilizing growth, expanding demand and stabilizing expectations will be the priorities for China's economic policy, Wu said.

    Looking ahead, Chen Chuanglian, deputy director of the Southern China Institute of Finance at Jinan University in Guangzhou, Guangdong province, said China still has room for macro policy support.

    On the monetary front, Chen said the policy focus can shift from preventing risks to stabilizing growth, and expected the government to step up policy easing.

    Zhou Lanxu and Li Xiang contributed to this story.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    午夜无码国产理论在线| 伊人久久无码精品中文字幕| 无码乱码观看精品久久| 亚洲高清有码中文字| 无码av免费一区二区三区| 一本一道av中文字幕无码| 无码人妻精品中文字幕免费| 中文字幕在线免费看线人| 亚洲国产a∨无码中文777| 黄桃AV无码免费一区二区三区| 天堂√最新版中文在线天堂| 免费无码午夜福利片| 无码午夜成人1000部免费视频| 中文字幕在线观看日本| 亚洲中文字幕无码爆乳av中文| 精品国产v无码大片在线观看 | 免费A级毛片无码A∨| 最近2019年免费中文字幕高清 | av无码久久久久久不卡网站| A级毛片无码久久精品免费| 熟妇人妻中文a∨无码| 无码人妻久久一区二区三区免费| 中文字幕在线免费看线人| 成人性生交大片免费看中文 | 中文字幕AV中文字无码亚| 7777久久亚洲中文字幕| 中文字幕在线亚洲精品| 精品人妻无码一区二区色欲产成人 | 波多野结衣在线中文| 精品久久久久久无码专区不卡| 无码国产亚洲日韩国精品视频一区二区三区 | 狠狠综合久久综合中文88| 无码日韩精品一区二区免费暖暖 | 狠狠躁狠狠躁东京热无码专区| 国产成人A亚洲精V品无码| 亚洲欧美日韩、中文字幕不卡| 亚洲AV永久无码天堂影院| 无码av不卡一区二区三区| 国产精品亚洲专区无码WEB | 无码人妻一区二区三区精品视频| 成人无码WWW免费视频|