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Edition: U.S. Article Comments (1) Full Focus Photos of the week Our top photos from the past week. Full Article Follow Reuters Facebook Twitter RSS YouTube Read Floodwaters surround nuke plant after breach 26 Jun 2011 Brady Bunch mom got crabs in affair with NY mayor 25 Jun 2011 Greece to debate austerity package under EU pressure 3:29am EDT "Boil order" issued after Minot water supply breach | 26 Jun 2011 Nebraska residents shrug off flood risk to nuclear plant 26 Jun 2011 Discussed 219 Biden deficit-cut talks hit impasse: Rep. 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Credit: Reuters/Laszlo Balogh By Victoria Bi and Donny Kwok HONG KONG/BEIJING | Mon Jun 27, 2011 2:33am EDT HONG KONG/BEIJING (Reuters) - Chinese Premier Wen Jiabao signaled for the first time that China would struggle to meet its 4 percent inflation target this year, underlining expectations that interest rates will rise further even as economic growth slows down. Wen, who is traveling in Europe, was quoted by Hong Kong media on Monday as saying that while he sees the Chinese economy growing above 8-9 percent this year, it was hard for China to keep inflation under 4 percent in 2011. "China's financial situation will still be among the best in the world this year, with economic growth kept above 8-9 percent, and CPI controlled under 5 percent," Wen told Hong Kong television media during the England leg of his Europe tour. Wen's latest comments sounded somewhat less sanguine than his remarks on Friday, when he said China's inflation was firmly under control this year and should cool steadily. However, they may not alter investors' thinking about monetary policy. Many economists had assumed China would overshoot its 4 percent target given that the inflation rate has stayed well above that mark since January, and is expected to peak at 6 percent in June or July. Inflation rose in May to a 34-month high of 5.5 percent. Economists polled by Reuters in June predicted China would stay in a tightening mode, raising its benchmark lending rate by one-quarter of a percentage point and its deposit rate by a half-point this year. Investors are watching carefully to see whether Beijing can ease inflation without stifling growth. A string of disappointing readings on factory activity and exports raised concerns that China's economy may be slowing down more sharply than expected. Copper prices lost ground on Monday in part because of concern that inflation pressures may prompt top buyer China to tighten credit further. A sharper China slowdown would be particularly damaging for global growth now that the U.S. economy looks shaky and Europe is mired in a sovereign debt mess. China is keen to keep prices in check to preserve social stability. Food and energy prices have been the primary culprits behind the steep inflation rate, and that tends to hit lower-income households the hardest. STAYING THE COURSE Judging by a recent stream of comments from Beijing, the market's bias toward tighter policy in China appears to be in step with that of the Chinese government. Vice Premier Li Keqiang said on Saturday that fighting inflation was still China's top priority, effectively rebutting arguments among some investors that China could face a hard landing if it over-tightens when growth is already slowing. Wen also took a stab at worries that China's economy risks a hard landing on Friday when he said China is "fully capable" of keeping its economy growing briskly. Writing in an opinion piece in the Financial Times, Wen said: "There is concern as to whether China can rein in inflation and sustain its rapid development. My answer is an emphatic yes." The economy grew 10.3 percent in 2010 and in the first quarter that pace eased to 9.7 percent. China's central bank has made clear that its focus is squarely on inflation. It raised banks' required reserve ratio to a record 21.5 percent earlier this month, hours after the May inflation data was released. The higher reserve ratio means banks have less money available for lending, which policymakers hope will help to cool growth and inflation. (Reporting by Victoria Bi and Donny Kwok in Hong Kong, Koh Gui Qing in Beijing; Writing by Emily Kaiser; Editing by Neil Fullick) World China Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) libertadormg wrote: That would seem to make the case for hedging against inflation by owning hard assets like gold and crude oil. Jun 26, 2011 10:02pm EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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