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

PLANE CRASH: Plane Crash in North East China Kills 43 - Government Officials Also on Board; A passenger plane with 96 people on board crashed while landing at an airport in northeast China's Heilongjiang province late Tuesday, bursting into flames and killing 43 people. 18 officials from the Ministry of Human Resources and Social Security, including vice minister Sun Baoshu, were on board the flight. Sun was seriously injured.; Xinhua News Agency | 2010-08-25

BANKING: Growth Rate of Bank Loans to Decrease in August; In an interview with a Securities Daily reporter, some experts predicted that the growth rate of bank loans will further decrease, and that the amount of new loans will reach 500 million yuan in August. As estimated, the sum of new loans from the first seven months has reached 69 percent of the annual target, set at 7.5 trillion yuan. There are only 2.32 trillion yuan of bank loans left unissued f...; China Financial Information | 2010-08-25

REFORM: Income Distribution Reform Now a Focus of the 12th Five-Year Plan; The National People’s Congress (NPC) Financial and Economic Committee has recommended that the Standing Committee of the NPC add income distribution reform to the 12th Five-Year Plan. The budgetary working committee has also proposed restricting the scale and general revenue of government income.; Securities Times | 2010-08-25

TAXATION: China to Further Promote Property Tax Reform; China will continue its property tax reform with plans to collect an environment protection tax and a social security tax, according to an official with the National Development and Reform Commission.; China National Radio | 2010-08-25

SECURITIES: Rumor of Merger with A-Shares Triggers B-Shares Surge; The B-share market in both the Shanghai and Shenzhen stock exchanges rose 4.83% yesterday due to rumors that the A-share and B-share markets will merge following the launch of an international board in Shanghai. All 108 stocks in the B-share market, except the nine that have stopped trading, witnessed gains yesterday.; China Securities Journal | 2010-08-25

GOME: Gome to Hold Special Shareholder Conference on September 28; Gome Electrical Appliances announced yesterday that it will hold a special conference of shareholders on September 28 at the request of its founder and largest shareholder, Huang Guangyu. Huang is demanding that executive directors Chen Xiao and Sun Yiding be removed and immediately replaced by Zou Xiaochun and Huang’s younger sister, Huang Yanhong.; Sina Finance | 2010-08-24

INCOME TAX: Expert at NDRC Suggests Income Tax based on Family Situation; Yang Yiyong, director of the National Development and Reform Commission’s (NDRC) Social Development Research Department, suggested counting poor families as a single individual while collecting income tax. He also advises a gradual reduction of the Gini Co-efficient in the implementation of a 12th Five-year Plan in order to reduce the income gap in Chinese society.; The Beijing News | 2010-08-24

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Township Officials Accused of Pocketing Sichuan Earthquake Donations: Four town-level officials have been accused of embezzling 620,000 yuan worth of Sichuan earthquake relief donations.; Source:The Beijing News

China Releases Ten-Year Forest Protection Plan: China's State Council has passed a recently published "National Plan for the Use and Protection of Forest Land (2010-2020)," put out by the State Forestry Administration; Source:State Forestry Administration

EUROPE: Interview with Jean Pisani-Ferry and Nicolas Veron; We talk to two experts from the Brussels-based European think thank Bruegel