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Liu Mingkang, chairman of China Banking Regulatory Commission, made the comment in Beijing on Saturday.
"Since the second half of this year, some major indices of the macro-economy have seen a rapid drop, particularly in terms of the consumer price index and producer price index. I think a great plummet will occur in December. So the possibility of inflation to deflation is increasing in China."
As deflation suppresses investment and production, financial experts say Chinese leaders are taking practical measures to maintain market confidence and stabilize domestic investment.
China's consumer price index, the main gauge of inflation, rose 2.4 percent year-on-year in November, its slowest pace over the past 22 months.(wWw.hxen.com)
The producer price index, a measure of inflation at the factory level, has also decreased sharply by more than s7 percent within last two months. The latest CPI and PPI figures have prompted worries over deflationary risks.
The data were the latest among a slew of figures announced recently as fresh indicators of a slowdown in the country's economy and slumping external demand.