The rising price of pork is sounding alarm bells in China. Currently, pork costs about 26 yuan ($4) per kilogram - an increase of about 48 percent since last year, according to the Ministry of Agriculture. China, the world's largest producer and consumer of pork, is again seeing worrying impacts of rising pork prices on the overall price of food.

Now is the time to transform China's pork industry using a market-based approach to ensure stable supply at affordable prices. Doing so can reduce food price volatility, as well as further promote diverse and nutritious diets among consumers.

In recent years, pork prices have been largely volatile in China. In March 2014, prices fell close to 7 percent from the previous year, according to statistics from the National Bureau of Statistics of China. Now, hikes in pork and vegetable prices have led to an increase in overall food prices by 7.6 percent. While plans are in place to reduce domestic vegetable prices, Chinese consumers currently face with high pork prices.