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The World Bank warned earlier that a possible global slump might hit developing economies harder than the 2008 crisis did. The IMF said Beijing should be ready to launch a new economic stimulus in the event to offset the impact of a European downturn. China rebounded quickly from the 2008 global crisis with a flood of stimulus spending and bank lending. But that money coursing through the economy also ignited a speculative boom that pushed up stock and housing prices. January's food price rise was driven by a 25 percent gain in the cost of the pork, China's staple meat. In December, pork prices rose 21.3 percent. Last month, the ruling party promised pro-growth policies for entrepreneurs after the plunge in global demand and lending curbs caused a wave of bankruptcies, raising the threat of job losses and unrest. But regulators have avoided interest rate cuts and say lending controls imposed to cool an overheated housing market will stay in place. On Wednesday, the Cabinet promised to try to shift more of China's income to the poor by increasing the required minimum wage for the lowest-paid workers by at least 13 percent each year through 2015. ___ Online: Chinese National Bureau of Statistics (in Chinese):
http://www.stats.gov.cn/
[Associated
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