No deflation in China's economy either now or in the future, National Bureau of Statistics says

Published: May 17, 2023 17:59
Fu Linghui, spokesman for the National Bureau of Statistics, said that the current CPI in China will be only temporary.

Fu Linghui, spokesman for the National Bureau of Statistics, said that the current CPI in China will be only temporary. There is no deflation in the Chinese economy at present, and there will be no deflation in the next future, either.

However, in the next stage, the year-on-year increase in CPI will remain at a low level.

This is mainly because after China's economic operation returns to normal, the recovery of demand is slower than that of supply, market demand has limited boost to consumer prices in the short term. At the same time, lower import prices will also drag down domestic prices. The carry-over effects are fading.


Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
UAE Issues Ministerial Decision No. 105 of 2026: Ban on Exports of Scrap Takes Effect in Early June
59 mins ago
UAE Issues Ministerial Decision No. 105 of 2026: Ban on Exports of Scrap Takes Effect in Early June
Read More
UAE Issues Ministerial Decision No. 105 of 2026: Ban on Exports of Scrap Takes Effect in Early June
UAE Issues Ministerial Decision No. 105 of 2026: Ban on Exports of Scrap Takes Effect in Early June
According to the UAE Ministry of Foreign Trade's Ministerial Decision No. 105 of 2026 and the latest feedback from traders, the UAE officially published and implemented a temporary export ban on certain industrial wastes and metal scraps on 3 June 2026, for a duration of 4 months, precisely targeting iron, aluminum, and copper scrap. SMM learned that the core objective of this policy is to retain raw materials domestically; notably, copper ingots are explicitly exempted to encourage high-value-added exports. Given that the UAE had previously imposed a fixed export duty of USD 109/MT on copper scrap, which had already severely squeezed direct export arbitrage margins, this ban will have a limited marginal impact on the copper scrap market. Instead, the primary impact will be concentrated on the copper alloys, such as Honey, Ocean, and Gun metal. From the perspective of global trade flows, the main Asian consumption destinations for UAE scrap are India and South Korea. Due to China's stringent import standards for recycled materials and the historically negligible volume of direct scrap shipments from the UAE to China, this new regulation is expected to have virtually no substantial impact on the Chinese domestic scrap metal supply.
59 mins ago
Data: SHFE, DCE market movement (Jun 24)
2 hours ago
Data: SHFE, DCE market movement (Jun 24)
Read More
Data: SHFE, DCE market movement (Jun 24)
Data: SHFE, DCE market movement (Jun 24)
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Jun , 2026
2 hours ago
Empowering Through Industry-Inspection Synergy, Jointly Exploring New Industrial Horizons! SMM Visits China Certification & Inspection Group Guangxi Co., Ltd.
2 hours ago
Empowering Through Industry-Inspection Synergy, Jointly Exploring New Industrial Horizons! SMM Visits China Certification & Inspection Group Guangxi Co., Ltd.
Read More
Empowering Through Industry-Inspection Synergy, Jointly Exploring New Industrial Horizons! SMM Visits China Certification & Inspection Group Guangxi Co., Ltd.
Empowering Through Industry-Inspection Synergy, Jointly Exploring New Industrial Horizons! SMM Visits China Certification & Inspection Group Guangxi Co., Ltd.
2 hours ago