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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who started this subject	5/14/2004 12:38:48 PM
From: russwinter	Read Replies (2) of 110194

BBC China's inflation at 7-year high Mr Wen is concerned by inflation China's annual rate of inflation hit a seven-year high in April, underlining fears that the economy is overheating. Consumer prices rose 3.8% in April from a year earlier, driven mainly by increases in food costs, according to the State Statistical Bureau. Some economists are now predicting the first interest rate rise in nine years as policy makers try to cool growth. Premier Wen Jiabao this week warned that the economy risks coming off the rails after expanding 9.1% last year. The first three months of 2004 exceeded even that, surging to an annual rate of 9.7%. Light-footed During his European tour, Mr Wen described China's growth as "excessive" and compared himself to the driver of a speeding car that needs to slow down. He added that: "We are now under pressure of inflation". During April, food prices jumped 10%, while the cost of grain rocketed by more than a third. Beijing is already taking steps to rein in inflation, such as capping increases in utility costs and limiting lending by state banks. Economists, however, are warning that a slowdown in China's economy may have repercussions around the globe. The Asian giant is the world's sixth largest economy and fourth biggest exporter and its appetite for raw materials has pushed up prices worldwide. In 2003, China consumed 27% of world steel, 31% of coal and 40% of cement.

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