This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Hi I'm Saijal Patel and you're watching "Asia Market Daily".
Recent economic data out of the US has built a pretty convincing case that the world's number 1 economy is slowly turning the corner. But with oil prices above $100 there are growing concerns the recovery could stall.
CNBC's senior economics reporter Steve Liesman caught up with Chicago Fed president Charles Evans and asked him how concerned he is about the higher oil price.
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Charles Evans, President, Federal Reserve Bank of Chicago:
It's certainly the case that oil prices are high, and a good part of that is due to the fact that the global economy is strong and developing economies are putting pressure on that. That's a headwind for the U.S. economy at these high prices.
Steve Liesman:
Is it inflationary or deflationary?
Charles Evans, President, Federal Reserve Bank of Chicago:
I think it's a headwind for the real economy - it's obviously putting pressure on producers and their cost structure. I think in terms of inflation it's a change in relative prices that should not end up in inflation, not underlying inflationary pressures. It's something we have to watch though.
Steve Liesman:
There's a lot of people who say that it is the Federal Reserve's loose monetary policy that is responsible for these high commodity prices, how do you respond to that?
Charles Evans, President, Federal Reserve Bank of Chicago:
Monetary policy is accommodative. We are trying to get underlying inflation to increase closer to what I would say our objective is of 2 percent. Accommodative policy would put a little bit of lift on all prices, but nothing like we have seen for oil and commodity prices. I think you have to look around the world to the pressures we are seeing - developing countries, droughts in Russia, uncertainty in Mideast, a lot of other factors that swamp the effect of monetary policy.
Steve Liesman:
Given the negative impact of high oil prices, the Fed could do a lot of good for the economy by acting to reduce commodity prices and raising rates.
Charles Evans, President, Federal Reserve Bank of Chicago:
I just think that the strength of the global economy and other factors are so important that even if we were to tighten monetary policy, you know, that could bring down commodity prices a percentage point, maybe two percentage points, but when you're worried about 15 percent or more in increases in commodity prices, reducing it down to 13 percent that's what you would tend to expect if we were to reduce overall, all prices falling, but we also see the prices more like 1 percent declining to a rate more like half a percent or so. So I don't think we'll get as big an effect as your question suggests.
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Meanwhile, we've heard of China's one-child policy. Now there's a one-dog policy. Cheng Lei has filed this report
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Puppy love in Shanghai is being reined in. Come May 15 - restrictions like one pooch per family and bans on attack dogs come into effect. The good news? Registration fees will also come down from 2000 yuan per year — to encourage dog registrations. High fees are one reason there may be 600,000 unlicensed pooches in Shanghai.
Ms Zhang, retiree:
2000 yuan in Jing'An district is too high, although here the property prices are high, most people's incomes are low.
The new rules try to balance animal welfare with the constraints of a densely populated metropolis.
Pei Zhen, Shanghai NPC delegate:
When we drafted the new regulations, we wanted to emphasize the owner's responsibilities.
Owners can be fined for their pets' excessive barking and attacks on people. For the first time, dog abuse will be a punishable offence. Another compassionate element is that unlicensed dogs no longer face the threat of being caught and put down.
Jane Su, volunteer, SSAPA:
They'll first give the owner a warning, a ticket, then they have to pay fines, after 2-3 times, they take the dog away, that's a really good change.
Three months away from the one-dog policy — some dog lovers have already thought up ways around the rules.
Xu Hanya, dog owner:
I will register one dog with my family and the other one with my mother-in-law.
Car restrictions, property restrictions, now dog restrictions are set to become another price of living in china's most crowded city.
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That's the latest "Asia Market Daily". I'm Saijal Patel from CNBC.
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