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

LAW: China Offers 100,000 Yuan for Clues to "Illegal Coffers"; According a notice on the Ministry of Finance’s website, individuals who report information about "illegal coffers" of social associations and state-owned or state-controlled enterprises will be offered an award of up to 100,000 yuan.; China News Service | 2010-08-31

BANKING: "Super E-banking" links Chinese E-banks; The second generation E-banking system developed by the People’s Bank of China, known as "Super E-Banking," began work yesterday. Cross-banking services not provided by traditional E-banks such as account transfers, inquiry, and credit card payment are now all available to customers of "Super E-banking." During its three-month promotional period, the above services are available for free.; The Beijing News | 2010-08-31

LAW: Huang Guanyu Appeal: Huang's Sentence Upheld but Wife to be Released; The Beijing Higher People's Court has upheld the May 18th sentence of Huang Guangyu, the former CEO and founder of GOME the country's largest electrical appliance retail chain. The court upheld Huang's original sentence of 14 years in prison and a fine of 600 million yuan on charges of graft, which was ruled by Beijing's Intermediate People's Court. Huang's wife Du Juan, previously sentenced to 3 ...; Justice Online | 2010-08-30

EMPLOYMENT: Centrally Owned Enterprises Go Global in Attempt to Recruit 20 High-level Execut...; Five central-owned enterprises (COEs), including China State Construction Engineering Corporation, scouring the globe for high-level executives to fill positions ranging from general managers to researchers.; China Securities Journal | 2010-08-30

FUNDS: Mutual Funds Suffer 439.75 Billion Yuan in Losses in First Half; China's securities-based mutual funds reported losses of 439.75 billion yuan in the first half of this year, the second biggest loss in the sectors history after record losses of over a trillion yuan in the same period of 2008.; China Securities Journal | 2010-08-30

CORPORATION: Profit of Top Two State-owned Giants Surpasses Combined Profit of Largest 500 Pr...; China's top 500 private enterprises earned a combined profit of 217.95 billion yuan in 2009. While that may sound like a lot of money, it still falls short of the combined profit of two state-owned giants: China Mobile and China National Petroleum Corporation (PetroChina), who together earned 218.54 billion yuan in profits last year. The most profitable Chinese private company is the Zhejiang-base...; National Business Daily | 2010-08-30

MEDIA: Police Apologize for Detaining Journalists in Yichun; Police Heilongjiang's Yichun apologized to four journalists who were detained for over an hour on August 28 while attempting to interview both survivors and family members of victims of a plane crash that occured at the city's airport on Tuesday. The journalists were attempting to interview people about the crash at a memorial service that was being held in the city. A deputy diirector of the dist...; Caixin | 2010-08-30

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Housing Vacancies: An Unsolved Riddle?: It is almost impossible to determine what kind of situation qualifies as vacant housing. For example, is a vacant home one that nobody lives in, or one that has been empty for over half a year?; Source:Beijing News

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

INHERITANCE TAX: China Poll: Inheritance Tax; Should China Start Collecting an Inheritance Tax?