China will take targeted and integrated measures to guarantee the supply of bulk commodities and stabilize their prices, said Meng Wei, spokeswoman of the National Development and Reform Commission, China's top economic planner, at a press conference in Beijing on Tuesday.
Meng said the price hike of some bulk commodities imported from overseas is likely to raise the producer price index (PPI), which measures costs for goods at the factory gate.
"Recently, affected by geopolitical and other factors, the international market of bulk commodities has seen an intensified fluctuation, with a significant increase in prices. As China's economy has deeply integrated with the global economy, for some bulk commodities, the part purchased from overseas takes up a large proportion. Therefore, the price hike in the international market will exert some impacts and increase the upward pressure on the PPI domestically," said Meng.
However, Meng pointed out that the PPI generally shows a downtrend that won't change within this year.
The PPI went up 8.3 percent year on year in March, 0.5 percentage points lower from last month, and the indicator has dropped for five consecutive months, Meng said.
Meng said China will strengthen the monitoring and analysis of bulk commodity market to find and solve problems in time.
China will continue to give full play to high-quality production capacity and reserved commodities to control prices of bulk commodities, Meng said.
"We will strengthen the guiding of market expectations, timely release market information, and strengthen market supervision and management. We will strictly crack down on illegal behaviors like hoarding and profiteering and spreading disinformation, and steadfastly contain excessive speculations," said Meng.
Source: CCTV
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