China’s leaders wrapped up an annual economic planning meeting Sunday with a pledge to cool surging inflation while shifting the economy toward more stable, balanced growth.
The vow to keep the economy on an even keel came a day after the government reported that inflation jumped to a 28-month high in November, despite a crackdown on speculation and repeated moves to curb the flood of money circulating in the economy from massive stimulus spending and bank lending.
The aim is to maintain a balance between fast growth and stability.
Chinese banks lent a total of 7.45 trillion yuan ($1.1 trillion) in January-November and are certain to overshoot the government’s official lending target of 7.5 trillion yuan.
While the frenzy of lending over the past two years helped China rebound quickly from the global crisis, combined with bad weather and rising global commodity prices it has complicated efforts to cool inflation, which surged to 5.1 percent in November.