China's top economic planner, the National Development and Reform Commission (NDRC) has held a news conference in Beijing. Minister Zhang Ping briefed the media on China's economic situation and state macroeconomic control.

Zhang Ping said China achieved a fast GDP growth of 9.2% last year. To focus on sustainable economic growth, he stressed China should continue to transform economic growth mode, adjust economic structure and improve the quality and efficiency of economic development. He added China will unswervingly guide and encourage the development of the private sector. He said China has done a lot of work in curbing the rise of the CPI, as fell to the targeted 4% at the end of 2011. Zhang spoke on China's measures to guarantee the livelihood of low income families and policies to curb inflation.

"We will improve storage condition, standardize circulation order, decrease circulation cost, and strengthen market supervision. I am confident in our ability to control the CPI this year. But of course, we still face some challenges, including imported inflation, such as imported oil and iron ore prices," Zhang said .

(CNTV.cn March 5, 2012)