China's Premier Li Keqiang waves as he arrives at a news conference after the closing session of the National People's Congress (NPC), China's Parliament, at the Great Hall of the People, in Beijing, March 15, 2015. [Photo/Agencies]

Premier Li Keqiang emphasized on Sunday that China has not exported deflation to the world, but imported it.

The collapse of commodity prices in the global market has dragged down raw material prices in China, which enhanced the deflationary situation. "We have measures and further preparation to deal with it," Li said at a news conference after the close of the annual session of the National People's Congress.

"It is not correct to say that China has shown deflation, as the CPI in February increased faster than that in January when it was still within positive growth," said Li.

According to the National Bureau of Statistics, China's CPI climbed to 1.4 percent year-on-year, up from 0.8 percent in January.

At the wholesale level, the PPI fell 4.8 percent in February, compared with 4.3 percent in January, led by continued price drops in major product groups, particularly in the mining sector.

The government reduced the targeted CPI ceiling to 3 percent this year, down from 3.5 percent in 2014.