The consumer price index (CPI) of 2013 will likely exceed that of last year with an expectation of around 3 percent, vice president of the People’s Bank of China (PBoC) Yi Gang announced on March 3 after attending the opening ceremony of the first session of the twelfth Chinese People's Political Consultative Conference (CPPCC).

In 2012, China’s CPI increased 2.6 percent over the previous year. Currently, economies including the European Union, U.S. and Japan have promulgated new rounds of loose monetary policiesone after another. From most insiders’ point of view, this has led to global liquidity overflow, and resulted in a swell of pressure on imported inflation.

Yi claimed that, according to common rules, affected by carryover factors, there will be some inflation pressure which will be greater than that of last year.  With the CPI expected to reach around 3 percent. “We are completely confident in curbing this year’s inflation,” he said.

Moreover, Yi also claimed that the PBoC has already made a very clear goal of this year’s total social financing (TSF). He pointed out: “TSF is a marketized concept, the goal of which should be an option that respects the market.”