Current Weather
The Spy FM

China Sees Inflation Spike; Prods ‘Relevant Nations’ To Tighten Deficits

Filed by KOSU News in World News.
August 9, 2011

As the world’s financial markets struggle to cope with fears of a U.S. recession and a spreading European debt crisis, China on Tuesday called for more cooperation to stabilize markets and encourage growth.

Adding its seal of approval to a joint statement from finance ministers and central bank governors of the Group of 20 nations issued Monday, China’s top officials urged “relevant nations” to cut their deficits and get debt problems under control.

That was the message coming from a meeting of the State Council, chaired by Premier Wen Jiabao Tuesday.

The statement urged the leaders of the world’s largest economies to act to restore investors’ confidence. And as the AP reminds us, “China is the world’s second-largest economy and is the largest foreign holder of U.S. Treasurys.”

China has suffered its own economic ills during the global crisis, particularly as the value of the U.S. dollar has vacillated. Inflation, a near-constant worry for the burgeoning nation, has become even more of a concern, with the latest numbers, for July, showing a 37-month high of 6.5 percent.

The official Xinhua agency has posted a story stating, “The stubbornly high inflation rate has been driven by increasing food costs, which rose by 14.8 percent in July from a year ago. The price of pork, a staple food in China, soared by nearly 57 percent in July.”

But the story then goes in a direction that might bring an air of cognitive dissonance to anyone who’s been following the recent anemic growth of America’s economy: “The world’s second-largest economy has shown signs of cooling down, with GDP decelerating to 9.5 percent in the second quarter from 9.6 percent in the first three months.” [Copyright 2011 National Public Radio]

Leave a Reply

5AM to 9AM Morning Edition

Morning Edition

For more than two decades, NPR's Morning Edition has prepared listeners for the day ahead with two hours of up-to-the-minute news, background analysis, commentary, and coverage of arts and sports.

Listen Live Now!

9AM to 10AM The Takeaway

The Takeaway

A fresh alternative in morning news, "The Takeaway" provides a breadth and depth of world, national and regional news coverage that is unprecedented in public media.

View the program guide!

10AM to 11PM On Point

On Point

On Point unites distinct and provocative voices with passionate discussion as it confronts the stories that are at the center of what is important in the world today. Leaving no perspective unchallenged, On Point digs past the surface and into the core of a subject, exposing each of its real world implications.

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center