Run, don't walk, to read today's article in the New York Times about how soaring gas prices, shortages due to continued subsidies, and a crashing stock market are affecting China. And make sure you check out the pictures! Here's a sampling, but read the whole article:

Returning the fueling nozzle to the pump, Zhang Li jumped into the driver’s seat of his gas-guzzling Land Rover. “Such a long line,” said the 45-year-old tour guide, shaking his head. “What’s the world coming to? My stocks are worth air, and now I have to wait an hour for overpriced gas, too.”
....
Price controls have saved Chinese consumers and businesses billions ....
But controls have also squeezed Sinopec and PetroChina, China’s top oil refiner and producer, respectively. .... The companies lost money on every gallon of gas they sold in China. Combined, the companies make up 16 to 20 percent of the Shanghai Composite Index. ...
....
As a matter of policy, the Chinese government sets gasoline and diesel prices well below international market prices in order to encourage economic growth. In 2007, China’s subsidy of gasoline alone was $22 billion, close to 1 percent of its gross national product.
....

With oil prices topping $130 a barrel mark this week, Sinopec and PetroChina shut down gas stations across the country. Long lines formed in front of gas and diesel pumps....