By MALILA Harris
CHINA NEWS – China’s premier Wen Jiabao said in the parliamentary annual session that the country had to fight inflation and corruption by ensuring social stability. He was addressing about 3,000 delegates, opening the National People’s Congress in the Great Hall of the People in Beijing.
He expected that the government could check the inflation within 4% and ascend economic growth of 8%. He admitted that the uneven economic development caused serious problem for the nation.
The social stability factor also echoed in an editorial in the Communist mouthpiece ‘Beijing Daily’, which warned against the pro-democracy protest, which it blamed Middle East Asia to fuel it.
Mr. Jiabao said the inflation has risen fairly quickly and in future it would go upward. Eh further added that the increase in prices would affect people’s well-being, bears on overall interests and affects social stability. He emphasized on macroeconomic control to reduce overall price growth.
Inflation in China is at 4.9% and believes to in increasing graph despite three interest hikes. Some analysts say it still to reach its peak.
China’s major problem is now increase in food prices as the poor people spends more than half of their income on food so they have to bear the brunt most.
This year National People’s Congress meets for 10 days, and is going to approve five-year plan for 2011-2015. The plan aims to create more sustainable growth and reduce the inequality in wealth between rich and poor.
Mr. Jiabao said that the government would focus on increasing domestic demand as a long term strategic principle. He emphasized on domestic growth as a ladder to step on China’s economic development. He also said that the government would take appropriate measures to curb the rising price of real estate in some cities.
At present China stands at the second in terms of economic growth, however, the success of decades has come at the cost of rapid environmental pollution. Much of the growth has been driven by exports and large infrastructure projects, but analysts contemplate the growth might be stopped or decrease unless it changes course.
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