National Bureau of Statistics gives latest figures on Chinese economy

1. Wide of National Bureau of Statistics news conference 2. Various of media 3. National Bureau of Statistics spokesman, Li Xiaochao (on right ) at news conference 4. SOUNDBITE: (Mandarin) Li Xiaochao, spokesman for China's National Bureau of Statistics: "We have a sound policy on controlling rising prices, primarily because we have a good fiscal foundation. This year's income has maintained an increase of over 30 percent and the market adjustment has contributed to the increase in supply of market commodities." 5. Various of journalists 6. SOUNDBITE: (Mandarin) Li Xiaochao, spokesman for China's National Bureau of Statistics: "The gross domestic product has maintained a steady growth. This is achieved by the relevant policy adopted by the central government to tackle the internal and external problems. Also by efforts made by various departments and local governments to tackle the problems. It has proved the macro policies adopted since last year are right, timely and effective." 8. Cameraman at news conference 9. SOUNDBITE: (Mandarin) Li Xiaochao, spokesman for China's National Bureau of Statistics: "The economy will be continuously affected by the US sub-prime crisis. It is still far to predict when it is the end of the crisis. The bad impact on the economy hasn't been wholly revealed yet. The external demand might decline further." 10. Mid reporter asking question STORYLINE: China's robust economy slowed only slightly in the first quarter despite global gloom, while inflation stayed above 8 percent in March, the government said on Wednesday, adding to pressure to rein in prices that have battered Chinese consumers. The world's fourth-largest economy expanded by a still impressive 10.6 percent in January-March from a year earlier, down from the previous quarter's 11.2 percent rate, amid weaker global demand for exports and government steps to cool an investment boom. Consumer prices rose 8.3 percent in March over the same month last year, down only slightly from February's 8.7 percent, the highest rate in nearly 12 years, according to the National Bureau of Statistics. The price spike that began in mid-2007 has been blamed on shortages of pork, grain and other food. The government has tried to increase output by raising farm subsidies and curbing exports, but that effort was hampered by snowstorms in January and February that wrecked crops. "We have a sound policy on controlling rising prices, primarily because we have a good fiscal foundation. This year's income has maintained an increase of over 30 percent and the market adjustment has contributed to the increase in supply of market commodities," Li Xiaochao, from the National Bureau of Statistics, told a news conference. Premier Wen Jiabao, the country's top economic official, says taming inflation was the government's top priority. Communist authorities worry about a possible public backlash if prices keep rising rapidly. Bouts of high inflation in the 1980s and '90s sparked protests - an embarrassment that Chinese leaders want to avoid ahead of this summer's Beijing Olympics, which is meant to showcase the country as prosperous and stable. Analysts expected inflation to stay high as late as May before it subsides. March inflation was well above the 4.8 percent target that Wen has set for this year. Li, the statistics bureau spokesman, said that to meet Wen's target, inflation has to fall below 4.2 percent each month for the rest of the year. He also said gross domestic product (GDP) has maintained a steady growth. On the broader economic front, Li noted that while export growth was slowing, the economy appeared to be weathering the US credit crisis and weaker global demand for Chinese goods. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/e193b3fcc5f67b6fb393883841437cb2 Find out more about AP Archive: http://www.aparchive.com/HowWeWork