Local Governments to Keep a Close Eye on Prices

By staff reporters Wang Xu and Bai Xiaoou

(.com.cn) China's top economic planner said it has asked local authorities to keep a lid on prices of key goods in a move to control inflation in the run-up to Oct.1, the 60th anniversary of the People's Republic of China.

In an Aug. 27 online statement, the National Development and Reform Commission said that while consumer prices had been falling since the second half of 2008, rapid credit growth and soaring asset prices had boosted inflation expectations.