"Whip Inflation Now" = WIN
Remember price freezes?
Richard Nixon & Gerald Ford rise from the dead in China.
That worked so well back then.
Reuters September 19, 2007
BEIJING: The Chinese government on Wednesday froze prices that it controls for the rest of the year, in the latest sign of Beijing's mounting concern over inflation.
Beijing also stressed the importance of holding down market-driven prices during the forthcoming holiday period, saying it would have a direct impact on the country's "development, reform and stability."
Ensuring stable prices would also create favorable conditions for the opening of the ruling Communist Party's five-yearly congress on Oct. 15, a statement issued by six ministries said.
The government still administers a vast array of prices, including those for land, transport, utilities and fuel.
The ministries said that, in principle, the government would not introduce any new price changes for the rest of the year.
"All current rules on goods and service prices controlled by the government should be strictly implemented. Any unauthorized price rise is strictly forbidden," the statement said.
The ministries ordered local governments not to raise prices without the approval of the National Development and Reform Commission, the main planning agency.
The statement urged local governments to raise minimum wages as soon as possible to make up for inflation, which jumped to 6.5 percent in the year to August.
Edited by Rogerdodger, 19 September 2007 - 03:06 PM.
