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

TELECOMMUNICATIONS: Rumor: Wang Jianzhou to Retire as Chairman of China Mobile; Beijing Business Today has reported rumors that Xi Guohua, the current vice-director of the Ministry of Industry and Information Technology (MIIT) and the recently appointed Deputy Director of the new State Internet Information Office, is likely to replace Wang Jianzhou as chairman of China Mobile. Shang Bing, the current party secretary of China Telecom is tipped as a likely replacement for Xi at...; Beijing Business Today | 2011-05-26

INFALTION: Unilever Raises Prices; Many retailers in Guangzhou began raising the price of Hazeline and Lux products yesterday. Unilever didn't comment on the price increases. Earlier, Unilever was fined 2 million yuan by the National Development and Reform Commission after finding the Anglo-Dutch company "illegally disseminated news of price hikes and disturbed market order."; Guangzhou Daily | 2011-05-25

BALANCE OF PAYMENTS: China's International Balance of Payments Moves towards Equilibrium in Q1; The State Administration of Foreign Exchange issued preliminary data on China's balance of payments for the first quarter, with the narrowing of both the current account surplus and the capital and financial account surpluses, as China's balance of payments moved closer to equilibrium. The capital account surplus, which reflects the external capital inflows, still remains as high as 111.4 billion ...; Securities Times | 2011-05-25

CHINEXT: ChiNext Records Big Bounce after Dipping to Historical Low; The index of China's growth enterprise board, ChiNext, dropped to a historical low of 828.50 points yesterday before rebounding sharply to achieve the highest close in the past 3 months on significantly enlarged trading volumes. However, analysts believee that ChiNext is likely to continue to fall in the long run.; Shanghai Securities Journal | 2011-05-25

: Vanke Real Estate Project in Xianghe Halted; The largest real estate company in China, Vanke Co., Ltd, was told to stop its Lake Side "Festival City" project in Hebei's Xianghe County on May 23, and many other well-known real estate companies that are developing large projects in the area were also requested to suspend the construction and sale of property, in order to cooperate with a Ministry of Land and Resources investigation into violat...; 21st Century Business Herald | 2011-05-25

LISTED COMPANIES: Chairman of Shandong Company Dies 3 Days After Company Lists on SME Board; Gao Qingchang, the chairman of Zibo Wanchang Science & Technology Co. Ltd, died yesterday, according to an announcement from the company. According to sources familiar with the situation, Gao is said to have died after a fall from a building yesterday morning. The company had only just listed on China's Small and Medium-enterprise Board on May 20. The company is based in the Shandong city of Zibo,...; China Youth Daily | 2011-05-24

MEDICINE: Prices of Chinese Traditional Medicine Ingredients Surge; Of the 537 ingredients used in the production of Chinese traditional medicine whose prices are monitored, 84% saw their price increase over the course of 2010, with prices increasng 109% on average and the price of 96 products increased by more than 100%. This is the fourth and most severe round of price inflation in the cost of medicinal ingredients over the past 10 years.; Guangzhou Daily | 2011-05-24

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Foxconn Employee Commits Suicide at Chengdu Plant: Domestic media are reporting that an employee at Foxconn's Chengdu assembly plant leaped to his death in the early hours of this morning; Source:21st Century Business Herald

Police Deny Rumors that Baotou Billionaire Faked Own Death: Police in Baotou, a city in Inner Mongolia, have officially denied rumors that a local entreprenuer faked his own death last month; Source:China News Agency

INTERVIEW: Interview with Zhang Yong: The Secret of Haidilao'...; The manager of the succesful hotpot chain talks about how he grew his business from a smal...