China outlaws price increases to combat escalating inflation

In the 30 years since China embraced free market economics, price controls seemed to have fallen out of fashion with the country’s economic planners, a forgotten relic of the centralised era. But with food prices soaring across the nation, market int

19th January, 2008

In the 30 years since China embraced free market economics, price controls seemed to have fallen out of fashion with the country’s economic planners, a forgotten relic of the centralised era. But with food prices soaring across the nation, market intervention has come roaring back into style.

Last Thursday, the country’s top economic planning body, the National Development and Reform Commission (NDRC), introduced a far-reaching ban on price increases to combat record levels of...

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