China plans to keep inflation target unchanged at around 3% in 2020: Report

China plans to keep its inflation target at around 3% in 2020, unchanged from last year, policy sources said, confounding speculation it might raise the bar to give it room for extra economic stimulus.

The inflation target, to be unveiled at the annual parliamentary session in March, was endorsed by top leaders at a conference last month, according to three sources with knowledge of the meeting's outcome.

Some analysts have expected China will raise the 2020 annual inflation target to 3.5%, which could give policymakers more room to spur the slowing economy.

Consumer inflation jumped to a near eight-year high of 4.5% in November as pork prices doubled, but producer prices remained in deflation for a fifth straight month, creating a headache for policymakers as they try to stabilise growth without piling up more debt and adding to financial risks.

The State Council Information Office and the National Development and Reform Commission (the state planner) did not immediately respond to Reuters' requests for comment.