Source: CCTV.com

05-06-2008 11:46

The Vice Minister of Finance says fighting inflation remains a top priority, and that the government will focus on tightening monetary policy and boosting agricultural production to tackle price hikes in food and oil.

The Vice Minister of Finance says fighting inflation remains a top priority, and that the government will focus on tightening monetary policy and boosting agricultural production to tackle price hikes in food and oil.

Li Yong was speaking at the annual meeting of the Asian Development Bank in the Spanish capital of Madrid where he outlined China's plans in terms of monetary policies. These will include cutting money supplies among other measures. Li also signaled a move towards a more flexible exchange rate regime, as part of reforms in the financial sector.

But the Chinese official stressed that authorities will concentrate on better monitoring of funds pouring into the country, rather than enforce an outright curb on capital inflow, in order to fight inflation.

Editor:Xiong Qu