STORY: PBOC official expects China's CPI close to 1 pct at year end
DATELINE: July 14, 2023
LENGTH: 00:00:54
LOCATION: Beijing
CATEGORY: ECONOMY

SHOTLIST:
1. various of the press conference
2. SOUNDBITE (Chinese/English interpretation): LIU GUOQIANG, Deputy governor, People's Bank of China

STORYLINE:

China's consumer price index (CPI) will see a U-shaped trajectory this year and will be close to 1 percent at the end of 2023, a central bank official said on Friday.

SOUNDBITE (Chinese/English interpretation): LIU GUOQIANG, Deputy governor, People's Bank of China
"Against the backdrop of high inflation around the world, China's prices have remained generally stable. This year, China's CPI saw some decreases, but China is not in a period of contraction. We believe that in July, CPI might continue to drop, but that's mainly attributable to a time lag in the recovery of demand and the base figure of last year. This is a temporary phenomenon in the recovery of the economic circulation. China's M2 monetary supply continues to maintain rapid growth. This is different from what we see in typical cases of contraction. So China is not in a period of contraction, and we do not see a risk of contraction in the future."

Xinhua News Agency correspondents reporting from Beijing.
(XHTV)