Premier Wen: China pledges to stabilize prices

China is pledging further measures to stabilize the general price level to maintain market and social stability. Premier Wen made the remarks while chairing a State Council meeting on Wednesday.

China has been facing strong inflationary pressure in recent months. The consumer price index rose 6.5 percent in October year-on-year, the highest level in 11 years. Pemier Wen said the government will boost investment in farm infrastructure construction and raise direct subsidy to farmers to maintain grain acreage and encourage planting of oil crops and vegetables.

In the meantime, the country will expand the crude oil production and refining capacities to guarantee oil products supply. China raised fuel prices 10 percent at the start of the month in a bid to tackle its worst fuel crisis in four years.

Editor:Xiong Qu