China Targets 4% Consumer Price Rise This Year

China aims to rein this year's consumer price growth at around 4 percent, according to a government work report distributed to media ahead of the annual parliamentary session on Monday.

"In projecting a CPI increase of around 4 percent, we have taken into account imported inflation, rising costs of factors of production, and people's ability to absorb the impact of price increases, while leaving room for the effect of price reforms," reads the report, which is to be delivered by Premier Wen Jiabao at the opening of the Fifth Session of the 11th Naitonal People's Congress (NPC), the top legislature.

"We will control prices and prevent inflation from rebounding by effectively carrying out macroeconomic policies, managing the supply of money and credit, and striving for basic equilibrium in aggregate supply and demand," it says.

The country's consumer price index (CPI), a main gauge of inflation, rose 5.4 percent year-on-year in 2011.