Sunday, November 21, 2010

China orders more inflation fighting measures

China has started the process of increasing social services. On a local level, fuel and power is to be secured so that subsidies can be provided. They were also ordered to prepare for a slow rise in pensions, minimum wage, and unemployment.

This comes a day after announcing that more land would be freed for food production, and that enforcement would increase against hoarding food stores to sell when the prices rise.

These measures come amidst worries of food shortages this coming winter, due to a poor growing season, early frost, and natural disasters. Food prices are already inflated over 60% compared to last year.

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