Mr Kudrin added that the pace of Chinese growth may pose a risk to the global economy: ?It is the problem of China: how the quasi-state economy of China manages to support its growth, not create bubbles - which are already being created.?
Chinese Premier Wen Jiabao said last month that keeping inflation in check was his ?top priority? this year, as China seeks to maintain a steadier growth rate of eight per cent and ease Mr Kudrin?s concerns.
"The Chinese authorities have been behind the curve slightly up until the beginning of this year, but now they?re quickly catching up," said Jinny Yan, an economist at Standard Chartered. "The first half of the year is the best time to hike rates, because in the second half there are a lot more reasons for a slow-down in the economy, such as more tightening in the property sector, which means that developers will start to slow down investment."
In both January and February the country?s consumer price index climbed 4.9pc, exceeding the government?s full-year target of 4pc.
Economists expect the inflation measure to hit 5.1pc in March, equalling November?s 28-month high. China's March consumer price index will be reported on April 15.
"We don't think that inflation will peak until May or June, which is why we still factor in another rate hike before the end of the first half," Ms Yan added.
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