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Official forecasts mild CPI growth ahead in China

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      China

      China

      Official forecasts mild CPI growth ahead in China

      2024-09-14 19:51 Last Updated At:20:07

      China's consumer price index (CPI), a main gauge of inflation, is expected to have a mild increase in next few months, said Liu Aihua, a spokeswoman of the National Bureau of Statistics(NBS) on Saturday at a press conference in Beijing.

      The CPI was up 0.6 percent year on year in August, quickening from the 0.5-percent increase in July.

      Among food items, the prices of fresh vegetables and fruits increased by 21.8 percent and 4.1 percent respectively, while prices of eggs, edible oils, beef, mutton, and potatoes decreased, with the decline ranging from 4.0 percent to 14.5 percent. In the non-food category, service prices increased by 0.5 percent, while prices of industrial consumer goods decreased by 0.4 percent.

      On a monthly basis, the CPI grew 0.4 percent in August, slightly lower than the 0.5-percent increase in July.

      In the food category, prices of fresh vegetables, fungi, fruits and eggs rose due to the impact of high summer temperatures and heavy rainfalls in some parts of the country. In the non-food category, domestic gasoline prices fell by 3 percent due to fluctuations in international oil prices.

      "Looking ahead, vegetable prices may see a slight decline, while pork prices could continue to rise. Food prices are expected to remain stable. Regarding industrial consumer goods, downward pressure on energy prices is mounting due to international factors. Adequate supply of other industrial consumer goods could help maintain stable prices. In terms of service prices, impacted by the upcoming Mid-Autumn Festival and National Day holiday, service prices are expected to be stable generally with a slight rise. Considering all these factors, the CPI is anticipated to moderately increase in the upcoming period," said Liu.

      Official forecasts mild CPI growth ahead in China

      Official forecasts mild CPI growth ahead in China

      An official with the World Economic Forum (WEF) has stressed the importance of establishing an adaptable mechanism for dialogue and cooperation that allows the global economy to fully benefit from the development potential of new technologies while managing the associated risks.

      Mirek Dusek, one of WEF's managing directors, was speaking on the sidelines of the 2025 WEF Annual Meeting, which commenced in Davos, Switzerland on Monday.

      The five-day event has gathered around 3,000 participants from various regions and industries around the world under the theme "Collaboration for the Intelligent Age," highlighting the need for greater collaboration against a backdrop of rapid technological advancements and global divisions.

      In an interview with the China Global Television Network (CGTN) on Tuesday, Dusek said WEF is monitoring "two big forces" they believe are changing the world economy.

      "On one hand, we are living through quite a unique time in terms of technological advancement and innovation. But on the other hand, of course, we are also tracking forces of fragmentation. We are seeing a more competitive geopolitical landscape, shifting value chains and supply chains, and of course, also social polarization in certain societies around the world," he said.

      With the current uncertainties in the world, Dusek stressed the importance of building a suitable platform for dialogue, and ensuring that such a mechanisms is adaptable to respond to the various challenges.

      "Given the trends that we are seeing in the global economy, in international relations, that function of bridging and dialogue could not be more important. It's very important that we have mechanisms where we can have dialogue and cooperation, and of course,  we also need to be on the front foot of thinking, 'Okay, how do we make sure that the collaborative mechanisms are fit for the 21st century?'" he said, adding that this will be one of the focuses of the current Davos meeting.

       Dusek also emphasized China's vital role in promoting global economic growth and technological development, describing the country as a "key actor" in helping the world transition to a new era of tech-driven development.

      "Everyone understands that we need to be on our front foot, really thinking creatively around how do we relaunch growth that is inclusive, sustainable. But how do we relaunch growth in this new situation for the world economy? And China plays a very important role in that endeavor, on development, on trade, of course, as well. On technology, I mentioned the theme, 'The Intelligent Age'. What we are trying to communicate with that is that there is a huge opportunity around some of these technologies. What is quite special is that it's not only one technology, but we are seeing, at this moment, whole sets of technologies that are going to market and exponentially changing industry and economy. If we have this huge opportunity around these technologies, how do we design [not only] our dialogue mechanisms, but also our collaborative mechanisms to be able to harness these technologies for the benefit of the world economy while taking care of the risks," he said.

      WEF official calls for mechanisms to foster dialogue in new tech era, boost world economy

      WEF official calls for mechanisms to foster dialogue in new tech era, boost world economy

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