NDRC: China’s bulk commodity prices to stabilize
NDRC's comment was shortly after the remarks by the National Bureau of Statistics last Friday, and in a similar definite tone, Mysteel Global noted.
“Recently,
bulk commodities price increases and signs of inflation globally have grabbed the
attention, which are probably due to various factors including global economic recovery,
temporary imbalance in demand and supply, rich capital and speculation in the
market, which are rather temporary and more like corrections,” Meng commented
in answer to the media inquiry.
However, “the
global economy is still unsteady and unbalanced, and bulk commodities have not shown
any changes in structure or in trend, so bulk commodities prices lack the basis
for a long-time strengthening,” she analyzed.
As for
China, now immersed deeply in the global economy, its commodities prices will
surely be influenced by the exterior environment, but such impacts are limited
and within control, she commented.
“We (China)
have our large domestic market, our economy has the resilience and potential,
and we are accelerating in building up our own new development model for a
better circulation in industries, markets, and demand and supply,” she added.
As for industrial
goods, the prices will be stable in general and in the coming months, as China
is with the sufficient production capacity, abundant supply, and enough market competition,
she projected.
At the press
conference, Meng shared more details regarding China’s economic performance for
the first quarter, disclosing that NDRC approved 16 fixed asset investment (FAI)
projects or valuing Yuan 45.4 billion ($7 billion) in total mainly in transportation,
energy and high-technology industries.
Over January-March,
22 provinces, regions, and municipalities posted over 20% on-year growths in their
FAIs, and for power consumption both for citizens and industries, 14 provinces,
regions and municipalities posted over 20% on-year rises with five including Hubei,
Tibet, Zhejiang, Guangdong and Yunnan scoring over 30% on-year growths in power
consumption, all being above the country’s average 19.4% on-year growth.
All the
data have confirmed a continuing and steady progress for the Chinese economy to
return to the normal track, she commented.
In the first
quarter, China’s gross domestic product grew 18.3% on year, as reported.
Written by
Hongmei Li, li.hongmei@mysteel.com
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