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

FINANCE: CBRC Orders Trust, Lease, and Finance Companies to Submit Reports on Loans; Trust companies, lease companies, and finance companies in China will be required to examine their outstanding mid- and long-term loans and submit a report to the China Banking and Regulation Commission (CBRC). The institutions will be required to provide a report to local authorities before the end of January and then they have until the end of February to submit the results to the central commis...; Economic Observer Online | 2011-01-26

CONSUMER RIGHTS: NDRC Urges Local Authorities to Punish Carrefour for "Cheating Customers"; China's National Development and Reform Commission (NDRC), the peak central-government body responsible for economic planning, has announced that in response to media reports, it's investigated allegations of price manipulation at various branches of the multinational supermarket chain Carrefour. CNR reports that the NDRC has uncovered various kinds of price gouging at cetain Carrefour branches in...; China National Radio | 2011-01-26

BANKING: Banks Lift Interest Rates on New Loans to Rein in Lending; The Chinese Securities Journal reported that some banks have raised the interest rates charged on new loans by anywhere between 10 and 45%, according to an anonymous source from a major bank. The increase is due to banking regulators enforcing a monthly limit on new lending.; Caijing Online | 2011-01-26

WAGES: 30 Provinces Increased Minimum Wage in 2010; In 2010, 30 provinces lifted their minimum wages by an average of 22.8%. Shanghai now has the highest monthly minimum wage of 1,120 yuan per month while Beijing has the highest hourly minimum wage of 11 yuan per hour.; People's Daily Online | 2011-01-26

PRICES: Food Prices Up in January; 27 of the 29 food products monitored in 50 cities witnessed a price jump in the middle of January, according to the National Bureau of Statistics. For example, the surge in vegetable prices has been especially apparent. This is due to the freezing weather Southern China is experiencing, as well as increased demand.; China Business News | 2011-01-26

TAX: High Property Tax to Cure Housing Speculation; Chongqing Municipality will offer ten rates of property tax according to which neighborhoods they are in, according its Mayor Huang Qifan. Huang Qifan stated that if the property tax is raised to 3%, housing speculation will no longer exist.; Xinmin Online | 2011-01-26

GDP: Chongqing Raises GDP Target Growth Rate to Highest in the Country; Chongqing has raised its target GDP growth rate to 13.5%, making it the highest target rate released so far. More than 20 development plans have been released. GDP growth targets of central and western provinces are higher than the target rates of the eastern provinces.; People’s Daily Online | 2011-01-25

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Beijing Reports Fourth H1N1 Death: 195 cases of H1N1 flu have been detected in Beijing this year, with one patient dying in the past week; Source:Beijing Municipal Health Bureau

100,000 Migrant Workers Ride Motorbikes Home for Spring Festival: More people are choosing to ride motorbikes home rather than fight for tickets on the overcrowded Chinese rail system; Source:Xin Kuai Bao

EO QUARTERLY: The EO Quarterly - Winter 2010/2011; A selection of predictions for 2011, a survey of CEOs about their expectations for the com...