Zhang Ping, Chairman of the National Development and Reform Commission, predicted the CPI for the whole year will slightly exceed the government-set target of 3 percent.

By striking the banks' ability to lend, the reserve requirement ratio hike will help mop up excess liquidity and ease the pressure of consumer price inflation, said Zhuang Jian, a senior economist at the Asian Development Bank.

Diesel Shortage

China's top oil refiners are boosting diesel production to address fuel shortages across the nation.

Sinopec, the nation's largest oil refiner, said it boosted daily processing of crude oil to 4.27 million barrels in November, up 9.9 percent from a year ago. It would also import 200,000 tons of diesel in November to supplement the drying diesel storage in parts of China, said the company.

PetroChina, the country's top oil and gas producer, also pledged to increase its diesel output by 6.3 percent in November from a month ago.

A number of local governments this year ordered blackouts for enterprises as the country gears up to conserve energy and reduce emissions. In response, many factories turned to diesel fuel to generate electricity so they can continue operations during periods of forced power outages.

The China Chamber of Commerce for the Petroleum Industry estimated that more than 2,000 private gas stations in south China have shut down due to a lack of diesel.

Low-Carbon Program

The Climate Group, a global non-profit non-government organization, launched its Carbon Treasure-China's Corporate Carbon Strategy program in Beijing on November 5.

The program is designed to help Chinese enterprises embark on a low-carbon path of development, with a focus on finance and power sectors and supply chain management. It also seeks to help leading corporations influence other companies to better promote and spread the best low-carbon practices.

Enterprises are the backbone in low-carbon business development, said Tony Blair, former Prime Minister of the United Kingdom and co-founder of the Climate Group, at the launch ceremony.

These enterprises play vanguard roles in technological innovation and low-carbon practices, and they should not wait for the government to take action first, he said.