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Economist: Inflation not to happen in China within 2 years

By Zhang Jiawei (chinadaily.com.cn)
Updated: 2009-11-11 16:47

China's economic recovery is in good condition and there is no need to pay too much attention to inflation within the next two years, said Bruce Kasman, chief economist with JPMorgan, according to financial information website hexun.com.

Kasman's remarks came as the National Bureau of Statistics said China's consumer price index, a main gauge of inflation, dipped 0.5 percent year-on-year in October. The rate of decline was 0.3 percentage points lower than a month earlier.

Related readings:  CPI falls 0.5% in October, PPI down 5.8%  September CPI up 0.5%, but still negative  China's CPI to grow in November: Standard Chartered report  China's CPI falls 1.1% in first nine months, PPI down 6.5%

Kasman said China's consumptions and exports were in good recovery and were much more active compared with that of the European countries and the US, according to the website.

Instead of focusing on controlling the risk of inflation in the following two years, China should try to keep the economy on a stable growing path and gradually phase out the massive stimulus package, he said.

Kasman expected China's GDP growth rate to reach 8.6 percent this year, while the GDP growth rate in the US would be 3.5 percent in 2009. With a great confidence in China's economy, he also expected China's GDP growth rate to reach 9.6 percent next year, according to hexun.com.