Hold inflation to 4.8% ....
That, is the new edict from the premier of China. While the
gentleman did not say at all costs, he did call for powerful
measures.
Sky high inflation, is battering ordinary Chinese.
Food and energy prices are rising by double digits while the
wages are stagnated. The slowing global economy is casting a
ginormous shadow on the employment picture. That combination
is making China's ruling elites extremely uncomfortable. The
premier is proposing price control to fight inflation on one
hand and credit curb to cool the economy on the other. Which
are not new. Last year, prices were rising at double digits.
And 3% was the governmental line in the sand .... :)
Regards,
Albert K. Fung
La Brisas/Valle de Guadalupe, Baja California, Mexico.
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