Beijing, Oct 22 (ANI): Inflation in China in 2011 will stand at 5.8 percent, and there will be no initiatives to further tighten or loosen the nation's monetary stance, Yu Yongding, a former adviser to the central bank's monetary commission, has said.
"Inflation is slowing down gradually. On the whole, inflation is under control ... the Chinese government has been quite successful in controlling it," China Daily quoted Yu, who is currently a researcher at the Chinese Academy of Social Sciences, as saying.
China's consumer price index (CPI), the main gauge of inflation, declined to 6.1 percent in September from a peak of 6.5 percent in July. The government's target for the year is four percent.
New moves to tighten or loosen the monetary stance are unlikely, Yu said, adding that China won't cut interest rates until inflation falls below five percent.
China's economy will perform satisfactorily in the foreseeable future, without the risk of a hard-landing risk in the short- and medium-terms, he said.
"Investment growth is still quite strong ... even if the world suffers from a double-dip recession, China can still manage," Yu said, predicting that the world's second-largest economy will maintain GDP growth of at least seven or eight percent.
China reported a GDP growth rate of 9.1 percent in the third quarter, down from 9.5 percent in the previous three months, he said, adding: "China's fiscal position is strong. There is no reason for pessimism at least in the short- and medium-terms." (ANI)