China-CPI/Economic Performance

China sees smooth economic operation, no stagflation to occur: NBS spokesman

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Shotlist


FILE: China - Exact Date and Location Unknown (CCTV - No access Chinese mainland)
1. Various of vegetable market, customers

FILE: Beijing, China - Exact Date Unknown (CCTV - No access Chinese mainland)
2. Meat stands, customers

Beijing, China - Sept 14, 2018 (CCTV - No access Chinese mainland)
3. SOUNDBITE (Chinese) Mao Shengyong, spokesman of National Bureau of Statistics (NBS):
"The increase of CPI in August is mainly caused by some seasonal and temporary factors. These factors will not bring pressures on prices in the next months."

FILE: Beijing, China - Exact Date Unknown (CCTV - No access Chinese mainland)
4. Meat stands, customers

FILE: Beijing, China - May, 2018 (CCTV - No access Chinese mainland)
5. Various of pigs in vehicles

FILE: Beijing, China - Exact Date Unknown (CCTV - No access Chinese mainland)
6. Various of workers, factory production

Beijing, China - Sept 14, 2018 (CCTV - No access Chinese mainland)
7. SOUNDBITE (Chinese) Mao Shengyong, spokesman of National Bureau of Statistics (NBS):
"In all, the main indicators of economic operation, especially growth indicator, are relatively stable. In the past 12 quarters, the GDP has stayed stably within a medium-high range, from 6.7 to 6.9 percent. Monthly growth indicator also has been rising smoothly. So, there's no stagflation or stagflation-like situation to occur."

FILE: China - Exact Date and Location Unknown (CCTV - No access Chinese mainland)
8. Various of workers, factory production
9. Various of car assembly line, workers

Storyline


Prices of food or non-food goods have shown that no stagflation will occur in the Chinese economy and the main economic indicators will remain in a stable growing range, said a spokesman of National Bureau of Statistics (NBS) on Friday.

China's consumer price index (CPI) in August increased by 2.3 percent year on year, or up 0.2 percentage point from the previous month. This was mainly caused by higher food price, especially the higher price of pork and vegetables.

On the reasons of food price rising, NBS spokesman Mao Shengyong said heavy rains and typhoons in July and August exerted negative influence on the production and transportation of vegetables.

Pork price had been declining since February of 2017 until lately when the number of breeding and slaughtered pigs began to drop. Additionally, epidemic situation occurred in some regions.

Combined, they have brought about a decline in pork supply and a rise in pork price.

"The increase of CPI in August is mainly caused by some seasonal and temporary factors. These factors will not bring pressures on prices in the next months," said Mao.

Non-food goods have a plenty supply. In the short run, a buyer's market of manufactured consumer goods will not change. Service consumption saw a mild increase. Besides, the robust monetary policy is an important condition that keeps CPI increasing at a moderate rate. Overall, price will not see a significant increase, according to Mao.

"In all, the main indicators of economic operation, especially growth indicator, are relatively stable. In the past 12 quarters, the GDP has stayed stably within a medium-high range, from 6.7 to 6.9 percent. Monthly growth indicator also has been rising smoothly. So, there's no stagflation or stagflation-like situation to occur," said Mao.

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  • ID : 8090648
  • Published : 2018-09-14 15:41
  • Last Modified : 2018-09-14 18:24:52
  • Location : Beijing,China
  • Category : economy, business and finance,society
  • Duration : 2'02
  • Audio Language : Chinese/Nats
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 5
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