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BEIJING  -- The Industrial and Commercial Bank of China (ICBC) is forecasting an 8 percent increase in the country's Consumer Price Index (CPI) for the first quarter of 2008. The official government figures come out in mid-April.The bank said in a report issued on Thursday that the CPI would hit 8.2 percent in March, slightly down from the previous month as the effects from the snow chaos that hit China earlier this year died away.Inflation in China took its biggest jump in nearly 12 years in February when it rose 8.7 percent compared to the same period a year earlier. Food prices surged 23.3 percent while non-food prices edged up 1.6 percent from the year earlier period.Inflation was mainly fueled by rising food and energy prices in the global market, and compounded by domestic factors that included increased costs and a strong demand, the report said.The new round of global grain price rises, including rice and wheat, might add more pressure to the government's anti-inflation efforts.However, the inflation index would start decelerating in the second half of 2008 as the government's macro controls took effect. The continued global slowdown also weighed on demand and could gradually pull down prices, the report said.China rolled out a series of measures to fight inflation after the government was reshuffled last month. Among the latest moves was an increase in farm subsidies to boost production and curb grain price hikes.

BEIJING, Oct. 8 (Xinhua) -- An aftershock measuring 5.4 on the Richter scale jolted Damxung County in southwest China's Tibet Autonomous Region at 10:07 p.m. on Wednesday, the China Earthquake Administration said.     The epicenter was 29.8 degrees north and 90.4 degrees east, and was 9 km underground, according to the State Seismological Network.     There was no report of casualties at the epicenter but one house collapsed, according to the quake-relief headquarters.     Damxung, 82 km from Tibet's capital Lhasa, was hit by a 6.6-magnitude earthquake and a 5.2-magnitude aftershock on Monday. At least 10 people were killed. An armed police soldier help a villager dress her wound in Damxung County, southwest China's Tibet Autonomous Region, on Oct. 7, 2008. More than 350 armed police officials and soldiers were dispatched to attend the quake-relief work immediately after a 6.6-magnitude earthquake jolted Damxung County near Lhasa at 4:30 p.m. (Beijing Time) on Monday.    Cars were shaken for a few seconds in Yangyi Village, the worst-hit area in the first quake, but no major damage was reported in the county, according to Zhu Quan, head of the Tibet earthquake bureau.     However, Lhasa residents felt the aftershock and poured into the streets carrying food, drinking water and blankets. Some said they would spend the night outside out of safety concerns.     Dainzhen, 33, sat in his car along with his wife in the square of Ramogia Monastery. "More than 50 neighbors decided to sleep here tonight because our 20-year-old house seems not safe," he said.     However, experts said the aftershock was a natural process during the quake force recession.     Zhu said there was no need to panic.

BEIJING  -- The Industrial and Commercial Bank of China (ICBC) is forecasting an 8 percent increase in the country's Consumer Price Index (CPI) for the first quarter of 2008. The official government figures come out in mid-April.The bank said in a report issued on Thursday that the CPI would hit 8.2 percent in March, slightly down from the previous month as the effects from the snow chaos that hit China earlier this year died away.Inflation in China took its biggest jump in nearly 12 years in February when it rose 8.7 percent compared to the same period a year earlier. Food prices surged 23.3 percent while non-food prices edged up 1.6 percent from the year earlier period.Inflation was mainly fueled by rising food and energy prices in the global market, and compounded by domestic factors that included increased costs and a strong demand, the report said.The new round of global grain price rises, including rice and wheat, might add more pressure to the government's anti-inflation efforts.However, the inflation index would start decelerating in the second half of 2008 as the government's macro controls took effect. The continued global slowdown also weighed on demand and could gradually pull down prices, the report said.China rolled out a series of measures to fight inflation after the government was reshuffled last month. Among the latest moves was an increase in farm subsidies to boost production and curb grain price hikes.

BEIJING, May 28 -- China's economy can maintain a steady growth above 8 percent for a relatively long period because of a stable society, a vast market and ample capital, said Cheng Siwei, an economist and former vice chairman of the Standing Committee of the National People's Congress.    "China's economy can stay in the fast developing track if we work hard and pay enough attention to existing problems," Cheng said at a three-day forum with the theme of "Economic globalization and the choice of Asia: transition, growth and welfare" Wednesday in Shanghai.     "Social stability is crucial to economic development while China has a market of 1.3 billion people, which creates a huge consumption power," said Cheng. "Meanwhile, China's foreign reserves have reached US.68 trillion, and it has built up an ample capital pool."     China also beefed up its efforts to improve education and expand its coverage, which paved the way for sustainable economic development, he said, but added that there were problems China could not afford to ignore. File photo of Cheng Siwei    One of them was the yawning gap between the rich and the poor. The income of urban residents has tripled that of rural households while the purchasing power in cities was four times larger than that in rural areas.     China faced increasing pressure to protect the environment and in securing raw materials and resources for its economy. It also lacks a large pool of senior professionals in finance and management.     "For example, we buy a lot of the United States treasury bonds. It means appointing them (US bond managers) to manage our assets and we only gained a little bit of interest," said Cheng. "We are trying to work on such problems."     Cheng estimated China's per capita GDP can reach US,000 by 2010, US,000 by 2020 and US,000 by 2049, given its economic expansion and a stronger yuan.

VIENTIANE, March 29 (Xinhua) -- Chinese Premier Wen Jiabao arrived here on Saturday evening, starting his working visit to Laos.     Wen is also scheduled to attend the 3rd Summit of the Great Mekong Subregion countries -- China, Laos, Vietnam, Cambodia, Thailand and Myanmar -- to be convened in this Laos capital city on Monday.     According to the Chinese Foreign Ministry, Wen, invited by Lao Prime Minister Bouasone Bouphavanh, will meet with Lao President Choummaly Saygnasone and hold talks with his Lao counterpart Bouasone on future bilateral cooperation.     Wen and Bouasone are scheduled to attend the signing ceremony of cooperation agreement in the sectors of economy, technology, coal and e-governance. Chinese Premier Wen Jiabao (C) arrives in Vientiane, capital of Laos, March 29, 2008. Wen started his working visit to Laos on Saturday evening by the invitation of Lao Prime Minister Bouasone Bouphavanh, and he is also scheduled to attend the 3rd Summit of the Great Mekong Subregion countries in Vientiane    After his working visit to Laos, Wen will join with leaders from the other five GMS members as well as representatives from the Asian Development Bank at the summit and attend the opening ceremony of a 1,800-km international road from China's Kunming city to Thailand's Bangkok.     The GMS, established in 1992, promotes economic and social development, irrigation and cooperation within the six Mekong countries.     About 320 million people live within the GMS region, and their common link, the Mekong River, winds its way for 4,200 km. The great majority of these people live in rural areas where they lead subsistence or semi-subsistence agricultural lifestyles.     The area boasts abundant natural resources and huge development potential. With a long history of cultural and economic exchanges among the nations, the area has formed peculiar cultural and economic characteristics based on different folk customs and natural landscapes of the six nations sharing the river.     The first GMS Summit was held in Cambodia's Phnom Penh in 2002,and the second in southwest China's Kunming in 2005.