Wen Says China to Focus on Taming Inflation

Bloomberg reports that Premier Wen Jiabao has stabilizing prices as the top economic priority for China:

The Premier reiterated that China faces a “very complicated, unstable and uncertain environment both at home and abroad” and that the government needs to be aware of the risks.

UBS cut its forecast last week for China’s expansion this year to 9 percent from 9.3 percent while Deutsche Bank lowered its prediction to 8.9 percent from 9.1 percent. Both banks estimate growth will slow to 8.3 percent next year.

“The government is comfortable with the slowdown currently taking place and isn’t ready to relax policies in the near term,” said Kevin Lai, a Hong Kong-based economist with Daiwa Capital Markets Ltd.

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