Inflation not a serious threat, official says

China's consumer prices are likely to remain stable in the near term and the possibility of serious inflation is "slim", a senior National Development and Reform Commission (NDRC) official said yesterday.

Meanwhile, the State Council, China's Cabinet, said at an executive meeting yesterday that the country will rein in excessively rapid property price increases in some cities, further reducing the possibility of wild price rises.

The State Council said it will guarantee the supply of low-cost affordable housing, enhance regulation and help accelerate building of low-priced ordinary housing to stabilize house prices, which rose by an average 5.7 percent year-on-year in the country's 70 major cities last month.