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

MERGER: "CIC No. 2" Designed to Push COE Mergers; The Guoxin Asset Management Company will be responsible for promoting mergers of centrally-owned enterprises (COEs) and will help list COEs on the A-share market. It will mainly target non-competitive COEs with low-quality assets when promoting mergers. SourceSecurities Daily Google Translation; Securities Daily | 2011-01-11

TAX: Shanghai Version of Property Tax Approved in December; Shanghai's property tax proposal was approved by the central government in December 2010, an insider told a reporter from the China Securities Journal. But the details of the new tax require further scrutiny. SourceOriental Morning Post Google Translation; Oriental Morning Post | 2011-01-11

FOUNDATION: One-Foundation Turns Public; The One Foundation established by Jet Li will be renamed the “Shenzhen One-Foundation Public Fund.” The private charity organization will be legally listed as a public foundation, and will be authorized to collect public donations. SourceThe Beijing Times Google Translation; The Beijing Times | 2011-01-10

TAX: Chongqing to Impose Property Tax on High-End Housing; The Chongqing government has received approval from the Ministry of Finance to impose a property tax on high-end commercial housing during the 12th Five-Year Plan period. The details of the tax will be drafted by the local government and submitted to the Ministry of Finance. SourceThe Beijing Times Google Translation; The Beijing Times | 2011-01-10

FINANCE: Value of China's Financial Sector Exceeds 100 Trillion Yuan; By the end of November 2010, the value of China's banking sector exceeded 92 trillion yuan, up 147% since the beginning of the 11th Five-Year Plan period, writes Liu Shiyu, deputy president of the central bank. The total value of the financial sector, including banking, insurance, securities and funds, exceeded 100 trillion yuan. SourceChina Business News Google Translation; China Business News | 2011-01-10

TAX: China Earned 7.73 Trillion Yuan in Tax Revenue in 2010; The Chinese government has reported 7.73 trillion yuan in tax revenue in 2010, exacerbating public demand for tax reductions. The year-on-year growth rates of value-added tax (VAT), consumption tax, and sales tax were 14.8%, 27.5% and 23.8%, respectively. The growth rate of personal income tax was 20.4%. SourceChina National Radio Google Translation; China National Radio | 2011-01-10

PRICES: Stabilizing Prices a Top Priority for the Central Bank; The central bank’s annual work meeting has set stabilizing commodity prices as its top priority this year. The meeting also established a deposit insurance reserve fund. Financial institutions will be required to pay a deposit insurance fee; the collected funds will be used to aid institutions facing crisis and bankruptcy. SourceThe Beijing News Google Translation; The Beijing News | 2011-01-07

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Three High-level Officials in Shanxi Dismissed for Accepting Bribes fr...: The vice-mayor and director of public security in Datong have been removed from their positions for accepting bribes; Source:Xinhua News Agency

Trial of "Beijing's Most Corrupt Official" Commences: Yan Yongxi, the former vice governor of Beijing's Mentougou District, is suspected of embezzling public funds into his mistress's company...; Source:China Internet Information Center:

BOOK REVIEW: January 2011 Issue of EO's Book Review; Interviews with Zheng Yongnian and Bei Dao plus reviews of recent translations of Weber, C...