If pigs could fly, we might avoid the price issue

Bulls and bears have dominated market conversations in the past few months, but now is the time to talk about the humble pig. It is squealing loudly for attention.

Nowhere else in the world have rising pork prices created such a buzz among policymakers and consumers than in China. Of course, that is hardly surprising as pork is one of the key food staples here. It is also a major driver of the country's Consumer Price Index, jokingly referred to as the Consumer Pig Index.

Attempts have even been made to plot growth trends linking pork price fluctuations with a host of key macroeconomic indicators, including GDP and money supply. That illustrates how important it is in Chinese society.