China´s interim price control necessary, legal

Source: Xinhua | 03-06-2008 13:18

BEIJING, March 6 (Xinhua) -- China's interim price intervention announced in mid-January is necessary and in accord with the law, said Ma Kai, the top macro-economic planner on Thursday.

Ma Kai, Chinese minister of National Development and Reform Commission, answers a question from journalists during a press conference on economic and social  development and macroeconomic regulation held by the  First Session of the 11th National People's Congress  (NPC) at the Great Hall of the People in Beijing, capital of China, March 6, 2008. (Xinhua Photo)

"As a responsible government, we will not turn a blind eye to the situation," said the minister in charge of the National Development and Reform Commission, referring to the price hikes since mid 2007 which was worsened by the snow havoc before the Spring Festival.

Last year, China's consumer price index (CPI) rose 4.8 percent year-on-year, the highest since 1997 and well above the 3 percent target, mainly due to rises in the cost of food and housing.

Editor:Zhang Pengfei