Shanghai Inflation Target is 4%

 Econintersect:  The Shanghai government has adopted a series of measures since last year to boost supply of goods and punish speculators. Due to stricter national monetary policies which lifted both interest rates and reserve requirement ratio, Shanghai’s inflation growth has been modest compared with the national average.  However, the Shanghai January inflation rate (4.3%) and the national rate (4.9%) are both above the central government target of 4%.  Shanghai inflation decreased in January from Decmeber’s 4.5%.From Shanghai Daily:

Shanghai is confident of keeping local inflation within 4 percent this year and will steadfastly improve people’s living standards, Shanghai Mayor Han Zheng told journalists who were covering the ongoing sessions of China’s top legislature and political advisory body in Beijing.

“Stabilizing consumer prices is a tough task,” Han said between meetings of the National People’s Congress and the Chinese People’s Political Consultative Conference. “But we are confident of keeping it within 4 percent as required by the central government.”

Han said the city would also accelerate the creation of an affordable housing system, a key measure of standard of living, to ensure more people are happy with their lives.

“An improved standard of living concerns many families in Shanghai. It is our priority and fundamental task to make people happy by creating better life,” Han said.

Source:  Shanghai Daily