An Analysis of China’s Overall Price Level Movement and Macro-control since the Reform and Opening-up Period

WANG Shuangzheng1( 王双正 ) and LI Ying2( 李英 )
1The Price Monitoring Center at the National Development and Reform Commission
of the People’s Republic of China
2Beijing University of Aeronautics and Astronautics

Editorial note:

Driven by price hikes of foods such as pork, edible oil and vegetables, China’s consumer price index (CPI) increased from early 2007 and ended
the year with a year-over-year increase of 4.8% in CPI and 12.3% in food prices. In the face of this rising inflationary pressure, the Central Economic Working Conference convened in December 2007 with the key mission statement of staving off runaway inflation through macro-control policy in 2008. Is China’s current price level too high? What are the price movement trends in 2008? Will governmental control policies work? This article provides an in-depth analysis of the four major periods of inflation and one period of deflation in China since the reform and opening up period as well
as the key factors driving the overall price movement in order to help readers better understand the recent ongoing price hikes in China.

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