China to aim for 4.8% inflation despite concerns

Premier Wen Jiabao said inflation may continue to climb this year, although he is confident that it can be controlled, AP reported. He added that the government would continue to aim at the official inflation target of 4.8% for the year. He also said that he was "deeply worried" about the impact of the US subprime crisis on the global economy. However, he said that the crisis would not darken China’s prospects. "China still has vast market potential, especially in rural areas. That is why we are confident of China’s economic prospects," he said. China’s consumer price index rose 8.7% in February over the same period a year ago.