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

ECONOMY: Expanding Domestic Demand Becomes Top Priority in 12th Five-Year Plan; Expanding domestic demand is number one on the list of top ten priorities of China’s 12th Five-Year Plan, says Pan Shengzhou, vice director of the CPC Central Committee Policy Research Office. This is the first time expanding domestic demand will occupy an independent chapter in the five-year plan.; China Finance Information | 2010-10-22

MINING: China Intends to Promote New Pricing Mechanism for Iron Ore; China is negotiating with the three international mining giants, BHP, Rio Tinto, and Vale to promote a new pricing system of iron ore, Luo Bingsheng, executive deputy chairman of the China Iron and Steel Association (CISA) said yesterday. He also said that weak points exist in the current quarterly-index pricing system proposed by the three international mining companies.; Oriental Morning Post | 2010-10-22

EXPLOSION: Loud Explosion Rocks Beijing's Dongzhimen Area; A loud explosion ripped through an area close to Beijing's Dongzhimen subway station at around 15:10 on Thursday afternoon. According to eye witness reports, the explosion took place close to a newspaper stand located right below the Sky Plaza building on the south side of Dongzhimen Wai Dajie. The police and fire department have since cordoned off a small area surrounding the newspaper stand and ...; Xinhua News Agency | 2010-10-21

CPC: Non-party Members Share their Views on the 12th Five Year Plan; The CPC convened a conference on October 18 with non-party members to listen to their ideas regarding China’s 12th Five Year Plan on economic and social development. China’s President Hu Jintao presided over the meeting. Several non-party representatives gave their advice concerning a host of fields including accelerating the transformation of economic development patterns, fostering strategic ind...; Xinhua | 2010-10-21

RENEWABLE ENERGY: Ten Key Renewable Energy Projects to be Implemented as Part of 12th Five-Year Pl...; Ten renewable energy projects, including hydropower and wind power projects and the construction of demonstration "renewable energy" cities, will be implemented as part of the country's 12th Five-Year Program, a reporter from the China Securities Journal learned from the National Energy Bureau.; China Securities Journal | 2010-10-21

DAIRY: Project Manager of Mengniu Dairy Defames Product of Competitor Online; Inner Mongolian police have announced that An Yong, a project manager with the Mengniu Dairy Group, one of China's leading dairy firms, recruited Beijing Bosi Zhiqi Public Relations Company to defame a product produced by Mengniu competitor Yili. An Yong and two other suspects have been detained.; Xinhua News Agency | 2010-10-21

BANKING: Commercial Banks Stop Providing Loans to Local Financing Platforms; Many commercial banks have begun to stop issuing loans to local financing platforms after receiving instructions from their supervisory body to cease lending to the institutions. This policy is especially targeted at financing platforms that have been used by local governments to fund public works that don't generate any profit and will mainly rely on local government revenue to be paid off.; China Securities Journal | 2010-10-21

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Beijing Students to Group Dance Despite "Risk" of Young Love: Three years ago group dancing in schools was halted due to worries it would cause children to have relationships too early; Source:The Economic Observer

China's GDP Up 10.6% in First Three Quarters of 2010: China's GDP grew by 10.6 percent, reaching 26.87 trillion yuan, in the first three quarters of 2010; Source:National Bureau of Statistics of China

BOOK REVIEW: October Issue of EO's Book Review; A Chinese translation of the Durants' The Story of Civilization, Mr Playboy and interview ...