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Strategies & Market Trends : Rande Is . . . HOME

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To: Rande Is who wrote (10440)	8/5/1999 9:26:00 AM
From: Rande Is	Read Replies (1) of 57584

China's Retail Prices Fall Again BEIJING (AP) - China's retail price index dropped in July for the 22nd straight month, the state-run Xinhua News Agency reported Thursday. The report was evidence that the economy remains in the doldrums, enfeebled by weak consumer demand, excess industrial capacity and declining foreign investment and exports. The report, which cited the State Information Center, did not provide a specific figure, but said retail prices have fallen every month since October 1997. The retail price index, the country's benchmark inflation indicator, fell 3.2 percent in the first half of the year compared with the same period in 1998. The brief Xinhua report said prices remained in decline for more than 80 percent of all major commodities. It cited unnamed analysts as saying the price decline will continue in the second half of this year. The State Information Center is a Beijing-based think-tank for China's State Development Planning Commission, a cabinet-level agency. The government has sought to counter deflation by imposing controls on prices and embarking on a deficit-financed public works spending program, but economic growth has still faltered. Four interest-rate cuts in 17 months have had a limited effect. Thanks to record unemployment caused by free-market reforms, consumers seem too worried about their jobs to spend some of the $700 billion they've stashed away in bank accounts.

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