China's consumer inflation remained broadly stable in May despite a faster rise in factory-gate prices, suggesting that upstream cost pressures have had limited impact on household prices, a spokeswoman for the National Bureau of Statistics said on Tuesday.
The comments came as China's Producer Price Index (PPI), which measures prices at the factory gate, rose 3.9 percent year-on-year in May, up from 2.8 percent in April, while the Consumer Price Index (CPI) stayed broadly stable at 1.2 percent.
Addressing concerns over whether higher upstream prices could feed through to consumer goods, Wang Guanhua, spokeswoman for the National Bureau of Statistics, said the impact was mainly limited to industrial consumer goods.
"The PPI reflects prices in industrial production, while the CPI reflects prices in household consumption. It covers all major categories of household consumption, including both goods and services. Therefore, the transmission from PPI to CPI is mainly concentrated in industrial consumer goods. Within CPI, food prices and service prices, which account for a relatively large share, are less affected by fluctuations in industrial product prices," Wang said.
Wang said a range of measures to ensure supply and stabilize prices had helped keep inflation under control.
"China's economic performance has remained generally stable, with resilient industrial and supply chains and sufficient supply of goods and services. Policies to ensure supply and stabilize prices have been effective. In particular, the government has promptly introduced a temporary pricing mechanism for refined oil, effectively offsetting the impact of fluctuations in international energy prices and providing strong support for stable domestic prices," Wang said.
Other data released by the bureau pointed to steady industrial activity and consumption. China's industrial output grew 4.5 percent year-on-year in May, accelerating from 4.1 percent in April, while retail sales of consumer goods and services rose 2.8 percent in the January-May period, according to the NBS.
China CPI steady as producer prices rise, output data shows
China stands ready to work with Pakistan to continuously promote peace and advance dialogue, and keep making efforts for the early restoration of peace, stability and development in the Middle East, Chinese Foreign Minister Wang Yi said Tuesday.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks in a phone conversation with Pakistan's Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar.
Dar briefed on the situation of the first-phase memorandum of understanding (MoU) reached between Iran and the United States, expressing gratitude to China for maintaining close communication with Pakistan over the past few months and providing valuable support for Pakistan's mediation efforts.
The Pakistani side looks forward to continuing communication and coordination with the Chinese side, maintaining the current momentum of peace talks, and jointly playing a positive role in achieving lasting peace and stability in the region, Dar added.
Wang congratulated Pakistan on facilitating the first-phase MoU between Iran and the United States, and stressed that working for peace is an international responsibility shared by all countries, including China and Pakistan.
As long as there remains hope for peace, every effort is worthwhile, he said.
Since the outbreak of the war, China has engaged with all parties and actively promoted a ceasefire and peace talks, Wang noted. From the very beginning, China has firmly supported Pakistan and emphasized to all parties that Pakistan is a trustworthy mediator, he said, adding that China has also engaged separately with Iran and the United States in its own way.
Quoting a Chinese saying, "For a journey of a hundred miles, reaching ninety is only half the task," Wang noted that the current consensus is far from the end point but a new starting point, and lasting peace in the Middle East and the Gulf region still requires sustained efforts from all parties.
It is foreseeable that, compared with the first phase of the talks, the second phase will be even more difficult. However, China believes there must be no turning back, still less any return to the use of force, he said.
The international community should further support the Iran-U.S. talks, and multilateral institutions, including the United Nations Security Council, should also play a greater role, said Wang.
China has consistently advocated that regional countries should take their future and destiny into their own hands, and hopes to explore, through dialogue and consultation, a peace and security architecture that is jointly participated in by all countries in the region, he said.
Once the door to peace has been opened, it should not be closed again, said Wang, adding that the Middle East has been deeply scarred by war and its people deserve peace.
China to continue efforts with Pakistan for early restoration of peace in Middle East: FM
