Economic Observer News- China business, politics, law, and social issues

BANKING: Chinese Banks' Beijing Branches Start Charging for Printing of Account Statement...; The Beijing branches of many Chinese banks, including the Bank of China, the Industrial and Commercial Bank of China, the Shanghai Pudong Development Bank, and the Communications Bank of China, have started charging individuals to print their account statements, with fees ranging from five to twenty yuan depending on the time span of the statements desired. Additionally, consumers who report the l...; The Beijing News | 2010-07-30

EDUCATION: China to Transfer 4% of GDP to Education Sector in 2012; China released its National Medium and Long-term Project on Reform and Development of Education Sector (2010-2020) yesterday, raising a target of transferring four percent of the country’s GDP to the education sector in 2012 and reforming the national systems of talent cultivation, school-recruiting, school and educational management.; The Beijing News | 2010-07-30

POLLUTION: 3,000 Barrels of Chemicals Washed into Songhua River; Jilin municipality announced at a press conference earlier today that more than 7,000 barrels had been washed into the Songhua River, a major tributary of the Heilong River that flows through northeast China. Of the 7,000 barrels, 3,000 contained chemicals and the other 4,000 were empty - only 400 buckets have been removed from the river so far.; Xinhua | 2010-07-29

AUTO: China Approves Geely's Acquisition of Volvo; People familiar with the matter told the EO that China's National Development and Reform Commission and Ministry of Commerce have approved the application of China's largest private auto-maker - Geely Holding Group - to acquire Volvo.; The Economic Observer | 2010-07-29

EXPLOSION: Ten Killed in Nanjing Factory Explosion; An explosion at a factory in Nanjing on July 28 has killed 10 people and injured over one hundred. The explosion was caused by a gas leak after a propylene pipeline was damaged as workers dismantled factory buildings at the Nanjing No. 4 plastics factory.; Xinhua News Agency | 2010-07-29

COLLAPSE: 44 Dead After Bridge Collapse in Henan; The collapse of a bridge in central China's Henan province last Saturday caused 44 deaths and another 22 people are still missing.; China News Service | 2010-07-29

FINANCE: The 100 Richest Families in China; Money Week, a well-known Chinese financial magazine, released a list of the richest families in China. The family of Li Li, the founder of Shenzhen Hepalink Pharmaceutical Company, ranks first with a 35.5 billion yuan fortune.; Money Week | 2010-07-29

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China's First Privately-owned English Language Television Network BON ...: We are private, we did not take a penny from the government.; Source:Economic Observer

Mine Bosses Required to Work with Miners Underground: Leaders of coal mines and non-coal mines will be required to take turns to work with miners underground.; Source:Xinhua News Agency

EUROPE: Interview with Member of the Executive Board of th...; We talk to Gertrude Tumpel-Gugerell about the outlook for the European economy, institutio...