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

CREDIT CARDS: CBRC Stops Banks from Charging Fees on Non-activated Credit Cards; The China Banking Regulatory Commission (CBRC) released a new set of regulations that govern the issuing of credit cards by Chinese commerical banks yesterday. The new rules further clarify that banks are not permitted to charge customers account fees on credit cards that have not been activated. The new regulations also make it clear that people under 18 cannot be issued with credit cards, unless...; Beijing Times | 2011-01-28

BANKING: Some Chinese Commerical Banks Stop Approving New Loans; Some banks have stopped issuing news loans as their loan quotas for January have been used up, an insider told a reporter with the China Securities Journal.; China Securities Journal | 2011-01-28

FOREIGN EXCHANGE: Hot Money Continues to Flow into China; Chinese banks registered a surplus of 397.7 billion US dollars in their foreign exchange transactions with clients, up 50.93% on the level of the previous year, according to statistics published by the State Administration of Foreign Exchange (SAFE). China''s institutional and individual clients sold 1.33 trillion US dollars in foreign exchange to banks in 2010, while purchasing only 932.7 billion...; National Business Daily | 2011-01-28

HOUSING: State Council Raises Down Payment Minimum to 60% for Second Homes; Second-home buyers will face a down payment of 60% and mortgage rates of at least 1.1 times the basic interest rate. The measure was decided during the executive meeting of the State Council on January 26, and is aimed at controlling inflated property prices.; The Beijing News | 2011-01-27

PHILANTHROPY: Chinese Billionaire Given Permission to Donate in Taiwan; The Taiwanese government will permit Chinese billionaire Chen Guangbiao to make cash donations of 110 million yuan in nine local cities and counties. Chen’s prospective donation has sparked widespread debate in Taiwan. Critics believe he is “just showing off.”; Shenzhen News Online | 2011-01-27

OIL: Oil Price Adjustment May Take Place After Spring Festival; The international price of oil has dropped 6.6 percent in just five trading days. Some insiders predict that the central government will adjust the domestic price of oil after the Spring Festival.; Guangzhou Daily | 2011-01-27

GDP: Chinese Provinces Lower Target GDP Growth Rates; In compliance with a changing development model, many provinces, including Guangxi, Inner Mongolia, Sichuan and Beijing, will decrease their target GDP growth rate during the 12th Five-Year Plan period. The average annual GDP growth rate of Guangxi was 13.7% during the 11th Five-Year Plan period, but has been lowered to 10% for the next five years.; People’s Daily | 2011-01-27

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Carrefour, Walmart Pricing Scandal: Last month, the NDRC fined Carrefour stores for overcharging customers, but the problem still persists...; Source:National Development and Reform Commission

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

INTERVIEW: Interview with Prof. Carmen M. Reinhart, Senior Fe...; Up Next for Advanced Economies: Fiscal Crisis