Economy

China's economy will not see 'double dip' in 2011

(Xinhua)
Updated: 2011-03-08 13:23

BEIJING - China will not experience a double dip in its economy this year, although the country has lowered its GDP growth target and adopted a prudent monetary policy to curb inflation, an official with China's top economic planner said Tuesday.

Li Pumin, a spokesman of the National Development and Reform Commission (NDRC), said in an online conference that China has decided to make price stability its top economic priority this year after taking both the internal and external economic conditions into consideration.

China is experiencing high inflation pressure with its consumer price index (CPI) exceeding 3 percent since June 2010.

China has set its GDP target for 2011 at 8 percent, one percentage point lower than last year. The country aims to hold inflation at around 4 percent for the full year.