(chinadaily2008-07-17 10:45)--China's economy slowed down for a fourth straight quarter as inflation eased in June, official figures showed on Thursday, giving more ammunition" title="n.军火，弹药">ammunition to advocates for a looser monetary" title="a.金融的；货币的">monetarypolicy" title="n.政策；权谋；保险单">policy.

The Gross Domestic Product (GDP) grew 10.1 percent in the second quarter after rising 10.6 percent in the first three months, said Li Xiaochao, spokesman" title="n.发言人">spokesman for the National Bureau of Statistics at a press conference in Beijing. China's economic growth has been on a steady decline since peaking in the second quarter of 2007.

NBS chief economist" title="n.经济学家；节俭的人">economist Yao Jingyuan said the double-digit GDP growth indicated China's economy was still growing at a steady and relatively" title="ad.比较地；相对地">relatively fast pace.

"The cooling of GDP growth indicated the government's macro-economic policy" title="n.政策；权谋；保险单">policy to prevent the economy from going overheated has paid off," said Yao. The slowing world economy and weaker demand on international markets also adversely affected" title="a.做作的；假装的">affected the Chinese economy.

Another widely watched indicator, the Consumer Price Index (CPI) -- an important measure of inflation, moderated to 7.1 percent in June after rising 7.7 percent in the previous month thanks to easing food prices.

The combination of economic slowdown and easing inflation may give rise to louder calls for an ease in the monetary" title="a.金融的；货币的">monetarypolicy" title="n.政策；权谋；保险单">policy.

Analysts said that the tight monetary" title="a.金融的；货币的">monetarypolicy" title="n.政策；权谋；保险单">policy put in place at the end of last year has brought about great difficulties for many firms, especially private ones. Thousands of small and medium enterprises have gone bankrupt" title="n.破产者 a.破产了的">bankrupt in the coastal areas as they could hardly get loans from banks, reports said. Fast appreciating yuan value, rising cost of labor and raw materials are also key reasons for the situation.

As the world's largest developing country, China needs fast economic development to maximize employment.

However, any ease in monetary" title="a.金融的；货币的">monetarypolicy" title="n.政策；权谋；保险单">policy will be a tough call, in face of inflation pressure.

"In spite of falls in the consumer" title="n.消费者；用户">consumer prices in the last two months, the prices are still running at a relatively" title="ad.比较地；相对地">relatively high level," Li Xiaochao said. "We will continue to prevent prices from rising too fast and curb inflation."

Adding to the price pressure, the Producer Price Index (PPI) continue to jump, rising to a three-year high of 8.8 percent in June over a year earlier after increasing 8.2 percent in the previous month.

The PPI measures the prices at the factory gate level and is usually used to predict" title="v.预言；预告；预示">predict future CPI level, as retailers or manufacturers will eventually" title="ad.最后，终于">eventually pass the rising cost to consumer" title="n.消费者；用户">consumers.

Inflationary expectation" title="n.期待(望)；预期">expectation is also a major concern. "With the rapid price increases in the global market, the public will have expecations for further price rises, " according to Li.

If consumer" title="n.消费者；用户">consumers expect prices to rise, they will ask for pay increases, or rush to buy products, thus exerting further upward pressure on prices.

Li also cited the recent petrol and electricity" title="n.电；电学；电流">electricity price increases, as well as post-quake construction which will increase the demand for building materials.

These concerns may be part of the reasons why the finance committee of the National People's Congress, China's parliament, pledged on Wednesday to maintain its tight monetary" title="a.金融的；货币的">monetarypolicy" title="n.政策；权谋；保险单">policy for the rest of the year.

However, watchers sensed a softening of words in its description of the fight against inflation. The committee said curbing price pressures would be a "prominent task" in the months ahead, instead of "top priority," phrasing that economic leaders repeated" title="a.反复的；重复的">repeated in the early months of 2008.

Analysts believe policy" title="n.政策；权谋；保险单">policy makers are trying" title="a.难堪的；费劲的">trying to find a balance between inflation and economy growth and are gradually shifting towards preventing a major economic slowdown.
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