Inflation Replaces Growth as China's Top Priority

Carnegie Endowment submits:

The experience of the past several decades suggests that China is good at turning crises into opportunities for reform. This may again be the case today. Only two years after China began its astonishingly successful stimulus program, GDP growth may slow but will remain robust; inflation, on the other hand, is surpassing targets and catalyzing social tensions, demanding the government’s immediate attention. Excessive credit creation in 2009 and much of 2010—the full extent of which is still unknown as significant credit growth was not recorded—was largely responsible for this problem.

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