China Plans to Manage Inflationary Impact of Surging Energy Prices

What’s new: Rising global crude and natural gas prices resulting from Russia’s invasion of Ukraine will drive up China’s costs for importing energy, but the overall impact is controllable, a senior Chinese official said Monday.

China’s annual target for the rise in the consumer price index (CPI) of around 3% is achievable despite the higher energy costs because of a highly resilient economy, large market space and abundant policy toolbox, said Hu Zucai, deputy head of the National Development and Reform Commission (NDRC), at a press briefing.