Macroeconomic adjustment program could be rolled out soon

A macroeconomic adjustment program for China's economy could be rolled out in the first half of the year, Song Guoqing, a member of the Central Bank Monetary Policy Committee said on Tuesday.

While the macroeconomic situation in the first half is expected to be stable, the economy in the second half will face uncertainties, Song, also a professor with the National Development Academy at Peking University, was quoted by the Shanghai Securities Daily as saying.

He said the consumer price index — a main gauge of inflation — will drop to 3 percent in March, and if the macroeconomic adjustment works well, the CPI is expected to remain within 2.6 percent, or slightly higher, and the annual GDP growth will reach 8.3 percent.

China's CPI in Feb rose 3.2 percent, the highest in the past 10 months.

"If the policy works well, a 2.6 percent, or a little higher, CPI for the whole year is achievable," Song said.

"Of course there are still many uncertainties. If inflation picks up significantly, the monetary policy will be tighter," he said.