Friday, March 07, 2008

China's Premier Wen says inflation top concern

Premier Wen Jiabao submits his annual work report on Wednesday to the National People's Congress, China's legislature.

The Congress will also be given an outline of the 2008 budget and the annual report from the National Development and Reform Commission.

Following are highlights of the reports, which were released to the media ahead of delivery.

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Wen said that the Chinese people's greatest concern was inflation and inflation pressure in China would be even greater this year.

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Wen said that China still faced overheated investment and excessive money and credit growth.

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China would step up efforts to curb excess liquidity and would improve its foreign exchange regime to make the yuan currency more flexible, Wen said.

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Wen said China would enforce strict credit controls especially to polluting industries.

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China's Finance Ministry sees the 2008 budget deficit at 0.6 percent of GDP, compared to 0.8 percent in 2007.

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China's National Development and Reform Commission says to control money supply and curb excessive growth of credit. Broad M2 money supply should increase by about 16 percent in 2008.

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