China has entered the period of wage rising. In the future, wages will continue to rise. This is what Li Yang, Director of Institute of Finance and Banking, Chinese Academy of Social Sciences said on "China's macro-financial risks in the global adjustment of interests" forum on September 2.
Li pointed out that China's current prices rise is a structural rise. Judging from the structure of savings and investment, China's savings rate is very high; the total market demand is greater than supply, so there is no inflationary pressure on the whole. Although during a period of time in some regions there will be structural imbalance, leading to structural inflation, there is no long-term inflation trend.
Li also said factors that lead to current structural price increases include rising wage costs and resource price reform. He said that China has entered a period of wage rising, which for enterprises, the rising wage costs in the next few years is inevitable. However, he said that although it would have long-term pressure on price, but there are still surplus labors at present, so the impact of the rising wage costs on prices would be moderate.
By People's Daily Online
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