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China is following in the footsteeps of other countries by raising gas prices, a move which is considered rare. The government has been known for strictly regulating prices of essential goods which makes the country extremely competitive in the global economy. European nations and the US, which constantly criticize the unfair practices, are expected to applaud the move.

The government announced the hike yesterday and economits expect the measure to ease the growing demand for gas nationwide. Not everyone will be affected by the hike. Residents in the recent quake hit province of SziChuan and truckers will receive subsidies to offset the increase.

Please correct any mistakes.
Thanks in advance.
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China is following in the footsteeps of other countries by raising gas prices, a move which is considered rare. The government has been known for strictly regulating the price prices of essential goods which makes the country extremely competitive in the global economy. European nations and the US, which constantly criticize the unfair practices, are expected to applaud the move.

The government announced the hike yesterday and economists expect the measure to ease the growing demand for gas nationwide. Not everyone will be affected by the hike. Residents in the recent quake hit province of SziChuan and truckers will receive subsidies to offset the increase.
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New2grammarThe government has been known for strictly regulating (the) prices of essential goods, which makes the country extremely competitive in the global economy.

The prices is better because of the of. Emotion: smile I would leaveprices in the plural since the goods don't all have the same price. A comma is naturally needed after goods because the entire main clause is the antecedent of the relative clause.
CB
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Not everyone will be affected by the hike. Residents in the recent quake hit province of SzeChuan and truckers will receive subsidies to offset the increase.
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