September 24th, 2007
China Inflation Sparks Price Freezes
The Chinese government is very concerned about the rapid rise in inflation in China that has sparked 5 interest rate hikes this year alone. China’s economy is anticipated to grow at a rate of 11% this year alone. Compare that to the US at 2.3% growth rate. Rapid inflation is a particular concern for food prices which would effect China’s poor majority population. So…in response, the Chinese government put a price freeze on certain products to help ease some of the pressure for China’s poor.
Share ThisPosted by scott on September 24th, 2007 in Asia News |
