Data show that in September, the national factory price of industrial producers (PPI) rose 10.7% year-on-year.

In the face of expanding PPI growth and increasing difficulties in production and operation of enterprises, China has actively taken measures to maintain supply and stabilize prices.

China’s active response to imported inflation has been interpreted by Western public opinion as the cause of rising expectations for global inflation and disorder in the supply chain.

This argument of "reversing the effect as the cause" is extremely absurd in the face of facts.

China’s response to imported inflation is a legitimate act to safeguard its own interests and the stability of the global economy, which is beyond reproach.

　　Since the beginning of this year, the overall increase in PPI has been expanding, mainly due to multiple factors such as the sharp rise in international commodity prices, the expansion of domestic economic recovery demand, and the tight supply of some products.

The key reason behind this is that developed economies, led by the United States, have implemented a "sweep flooding" extremely quantitative and accommodative monetary policy, as well as the superposition of economic recovery expectations and supply and demand imbalances, which have continuously pushed up global inflation risks. Countries all over the world are facing Under tremendous pressure.

As the initiator of global inflation, the US CPI has risen by more than 5% for five consecutive months.

The high inflation fever in the United States, coupled with the fact that the economy has not yet improved, has not only triggered chaos in its domestic supply chain, strikes and stagflation risks, but also exacerbated global inflation expectations.

　　Some Western media have tried to link the current global inflation risk with China's response measures, but this is not the case.

Taking the United States as an example, the compilation of the personal consumption expenditure price index involves nearly 70% of the total share of housing and water and electricity expenditures, energy goods and services, food and beverages, food services and accommodation, and medical and health services, among which the vast majority Most are not affected by China's merchandise exports.

The prices of consumer categories such as housing, energy, and medical services are the "main force" driving up U.S. inflation.

　　Compared with the US’s “big water release”, China insists on implementing a normal monetary policy, focusing on me and stabilizing the word. At present, the overall recovery on the supply and demand side is relatively balanced, and the fundamentals of the long-term economic growth have not changed.

　　It is China who is striving to stabilize the global economy with a responsible attitude and pragmatic actions.

Since the beginning of this year, China has taken various measures to ensure supply and stable prices to stabilize the market.

The stabilization and recovery of the Chinese economy has effectively promoted the stability of the global supply chain.

Even in response to the recent high PPI rise, China is still prudently implementing policies, by strengthening the cross-cyclical adjustment of macroeconomic policies, maintaining reasonable and sufficient liquidity, and stabilizing inflation expectations to ensure the supply of bulk commodities and stabilize prices.

　　China's response to imported inflation is to coordinate the promotion of epidemic prevention and control and economic and social development, and to maintain the healthy recovery of the national economy. This is beneficial to both the Chinese economy and the world economy.

Accusing China on the issue of inflation does not conform to the facts, nor can it interfere with the direction of China's policy.

(Source of this article: Economic Daily Author: Guo Yan)