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

TELECOMMUNICATIONS: Industrial Bank and China Unicom to Cooperate on Mobile Payment Services; Industrial Bank has signed an agreement with China Unicom to increase cooperation on basic communication, financial services, mobile internet applications, combined innovation and marketing. Industrial Bank says in a statement that the two sides will cooperate on mobile payment, mobile banking, mobile commerce and other value added services. IResearch predicts that the value of China’s mobile paym...; Caixin Online | 2010-12-02

CRIME: Local Police Admits Wrongdoing; The CPC Committee of Wuzhong City in Ningxia Hui Autonomous Region told Xinhua News that it has released Wang Peng, a young man arrested without cause by the local police. Wang Peng had anonymously accused classmate Ma Jingjing of cheating during the civil service exams and was wrongfully prosecuted for defamation. The deputy director of the Wuzhong City Public Security Bureau has been removed fro...; The Beijing News | 2010-12-02

HEALTHCARE: Beijing Hospitals to Sell Medicine at Uniform Prices; As of yesterday, medication from Beijing hospitals ranked level two and above will be sold at a uniform, predetermined price, according to Guo Jinhe, deputy inspector with the Beijing Municipal Health Bureau. The medicines will be purchased by the local governments, and their prices will be reduced by an average of 16%, saving a total of 3.6 billion yuan every year for local residents.; The Beijing News | 2010-12-02

OIL: Oil Product Pricing Reform to be Introduced Early Next Year; A reporter with National Business Daily has learned from an anonymous source that the project for reforming the pricing mechanism of oil products has been reported to the State Council. The reforms will be released at the beginning of next year, not by the end of this year as originally planned.; National Business Daily | 2010-12-02

INNOVATION: Ministry of Industry and Information Technology Supports Knock-offs; Yang Xueshan, deputy minister of the industry and information technology, expressed support for the imitation of copyrighted products in a news briefing yesterday. Yang said that producers of knock-offs should pay for what they had copied from other products, but that he still supported the manufacturing of cheap knock-offs or "shanzhai" products because imitation can give rise to innovation.; The Beijing Times | 2010-12-01

HEALTH: NDRC to Cut Medicine Prices by 19%; The National Development and Reform Commission (NDRC) has announced that it will cut the prices of 17 types of medicine by 19% on average. This policy will take effect December 12, and is estimated to result in a total of two billion yuan in savingd for consumers.; Southern Daily | 2010-12-01

FINANCE: China Securities Regulatory Commission to Curb Speculation; The China Securities Regulatory Commission declared yesterday that it will increase supervision on the futures market, curb speculation and monitor the market for abnormal activity. The commission also said that it will tackle the problem of illegal deals, prevent market risks and issue improved market rules.; China Securities Journal | 2010-12-01

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Chongqing, Shanghai to Pilot Property Tax Next Year: A reporter with the Economic Observer has learned from an anonymous source that the central government will begin piloting the property tax at the beginning of next year.; Source:Economic Observer Online

NBS Publishes CPI Calculation Process: The National Bureau of Statistics (NBS) published an article on its website Tuesday explaining how CPI is surveyed and produced in China.; Source:The Beijing News

INTERVIEW: Interview with Artur Runge-Metzger; The EO conducted an interview with Artur Runge-Metzger about the progress of the conferenc...