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

HOUSING PRICE: 36.6% of Residents Expect Housing Prices to Increase; The central bank has released the results of their "third quarter residents' survey." The survey indicates that 36.6% of the respondents expect housing prices to rise, up 7.2 percentage points from last quarter. 72.2% of those surveyed still see current housing prices as "too high".; The Beijing News | 2010-09-20

BANKING: Provision Ratios of Five Largest State-Owned Banks Now Exceed 2.5%; China's five largest State-Owned Banks (ICBC, Bank of China, Agricultural Bank of China, Construction Bank of China, and China Bank of Communications) have all reported their provisions for non-performing loans are higher than 2.5%, according to an anonymous insider. Other banks with joint-stock systems are now under greater pressure to increase their provision ratios.; China Securities Journal | 2010-09-20

HEALTH CARE: A Million Chinese Have Repeat Health Insurance; Yesterday, an anonymous official from the Ministry of Human Resource and Social Security said that around 100 million urban and rural residents, accounting for around 10% of the total number of residents insured, have been insured twice because health information is not shared among different areas. This means that the Ministry of Finance provides an annual subsidy of 120 yuan per capita and that ...; The Beijing Times | 2010-09-17

STOCK MARKET: Shanghai Composite Index Drops to 2,602; The Shanghai Composite Index dropped by 1.89% to 2,602.47 yesterday. The share price of the Agricultural Bank of China decreased to 2.63 yuan, dropping 1.87% from the day before. The price of its IPO closed at 2.68 yuan per share.; Southern Daily | 2010-09-17

PROPERTY: China to Pass Laws Regulating Land Expropriation; Shen Kui, a professor at Peking University Law School, told Beijing news that law-makers are planning to regulate government expropriation of collectively-owned land. The proposed law will address problems such as unjust compensation, the use of violence in land seizures, and the future welfare of farmers who have lost their land.; The Beijing News | 2010-09-17

LAW: Deputy Director of Local Police Station to Stand Trial Today; Zhang Lei, deputy director of a local police station in Guizhou province, will stand trial today. On January 12, 2010, he shot two people to death when attempting to solve a dispute among the victims and three other villagers. Zhang has already confessed to the crime.; China Online | 2010-09-17

AIR CRASH: Relatives of Victims of Yichun Air Crash to Sue General Electric; Relatives of the victims of the Yichun air crash have decided to file a lawsuit against General Electric because, although the E190 airliner was made in Brazil, its main engine CF34-10E was produced by General Electric. Currently, the relatives have been provided with a compensation of 960,000 yuan per victim, but have been required to give up any further claims; they feel this arrangement is unsa...; 21st Century Business Herald | 2010-09-16

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Citizens Express Anger toward Local Governments by Committing Suicide: On September 10th, in an effort to save their home, three family members attempted self-immolation.; Source:Sourthern Daily

CASS: 40% of Government Income from Non-tax Revenue: The Chinese government collected 10.8 trillion yuan in fiscal revenue in 2009, equivalent to 32.2 percent of the country's GDP for the year.; Source:China Academy of Social Science

ADVERTISING: Interview with Sir Martin Sorrell - Chief Executiv...; The EO sits down with the chief executive of the world's largest advertising group