Experience in keeping consumer prices low in China
Thai Binh (Resident of Vietnam Television Station in China)–Thursday, May 19, 2022 15:02 GMT+7
In Chinaumbrella Consumer price index (CPI) in the first months of the year tended to increase, but in general, China’s CPI increased the lowest among major economies. Not only easing the living pressure for the huge population, but keeping the consumer price index low also helps the Government of this country to implement many appropriate macro policies.
In the first 4 months of the year, China’s CPI increased by 1.4% over the same period. In the basket for calculating the consumer price index, in general, most of the prices of essential goods increased insignificantly. The current wholesale price of pork is 20.67 yuan (more than 72,300 VND/kg), 15.4% lower than the same period last year. Consumer price index increased mainly for petroleum products and vegetables.
National strategic reserve of strategic commodities such as cereals, pork, and petroleum is considered an important political task to promptly adjust when fluctuations occur. China is also highly appreciated for its goods circulation and distribution system. That’s why when the country blocks the whole city of tens of millions of people like Shanghai, it basically meets the basic food needs with prices that do not fluctuate significantly.
The Government’s timely support policies on tax exemptions and reductions of hundreds of billions of USD for businesses affected by the epidemic to restore production, stabilize the prices of important input materials such as coal, electricity, iron and steel also helped lower the producer price index of goods at PPI factory.
According to experts, China is not difficult to achieve the target of CPI increase of 3% in 2022. In China, the system of markets and supermarkets is reasonably organized, and e-commerce is widely developed, so goods are less intermediaries. This helps keep prices within a reasonable range.
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