CHINA

Government Considers Strict Price Controls: In what would be a further retreat from market reforms, the government is considering strict price controls to curb runaway inflation rate, the official China Daily reported. Beijing may take the action to bring down food prices that rose as this summer’s grain output fell 4.6 million tons, the paper said, citing Agriculture Ministry sources. Agriculture analysts said such controls would be instituted at the expense of “possibly aggravating grain production” next year, the paper reported. Food accounts for 52% of the consumer price index used to track China’s inflation rate.