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BIZCHINA / Finance |
Consider the common folkBy ()
Updated: 2007-06-28 11:20 Common people's feelings and reactions toward high prices deserve attention from policymakers, says a signed article in Workers' Daily. An excerpt follows: The consumer price index (CPI) growth reached 3.4 percent last month, a two-year record high. A survey published by the People's Bank of China last week said that residents' consumption desire had been in decline for three consecutive quarters and more than 30 percent of those surveyed thought consumer goods were overpriced. It is interesting that many experts interpreted the CPI growth as a trifling issue. They held the high CPI growth was caused by rising food prices, which were not persistent, and was not a signal of inflation. It is undeniable the experts based their conclusions on rational analysis. But more attention should be given to common people's feelings and reactions toward commodity prices. For low and medium-income families, even a trifle increase might affect their living conditions. The common people might not know about the relationship between CPI growth and inflation, interest rate increases or the stock market, but they care about the prices of the food on their dinner table. The government's attitude and policies are vital in the issue of commodity prices. The State Council recently issued a circular, requiring regional governments and departments to take measures guaranteeing market supply and stabilizing prices. This shows it is taking common people's feelings into consideration. The central government knows well that the most impoverished group, though only a small number of people, is the one that needs special care and help. Their living conditions concern the stability and harmony of the whole society. (For more biz stories, please visit Industry Updates)
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