China’s Premier Wen Jiabao told the annual National People’s Congress in Beijing on Friday that controlling consumer and housing prices was a top priority. In China, where much of the ballooning population seems to be headed into the cities for work, real estate is becoming prohibitively expensive. Food prices are shooting up as well. What does this mean for China’s role in the world economy and for U.S. relations with that country? Wei Yao, China economist for Societe Generale helps explain China’s economic plan. The BBC’s Martin Patience reports from China.
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