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

REAL ESTATE: China Needs Another 30 Years to Make Houses "Affordable" for Ordinary Citizens; China needs another 20 or 30 years to make houses "affordable" for ordinary Chinese people, because, although the total area of residential apartments in Chinese cities reached 13.1 billion square meters at the end of 2009, with an urban population of 210 million, the average living space of urban residents is only 60 square meters per family, Chen Zhun, Director of the Ministry of Housing and Urb...; China News | 2010-05-06

REAL ESTATE: Hengda Real Estate Reduces Housing Prices by 15%; As the Chinese government has determined to crackdown on inflated housing prices, Hengda Real Estate, a private property developer located in Guangdong Province, has said it will offer a 15% discount on all of its property across the country. Experts said this might lead other property developers to lower housing prices.; China Securities Journal | 2010-05-06

ENVIRONMENT: Local Government to be Held Responsible for Reducing Carbon Emissions; Local government officials will be punished, even dismissed, if they do not reach energy saving and carbon emission reduction targets determined by the central government, Premier Wen Jiabao stated during a national video conference on energy saving and reducing carbon emissions yesterday, indicating China's determination to take a tough position on environmental protection.; The Beijing News | 2010-05-06

BUSINESS: Ping An Gains Approval to Acquire Shenzhen Development Bank; Ping An Insurance (Group) Company of China, China's second largest insurer by market value, on May 4th released a statement that the company has recently gained approval from the China Securities Commission to acquire the state-owned Shenzhen Development Bank.; 21st Century Business Herald | 2010-05-05

PROPERTY: China to Regulate Minor Property Rights; Minor property rights refer to a type of land rights that can be obtained by rural Chinese. Current law states that the property owned in this way cannot be sold to urban residents. On May 4th, Li Jianqin, head of the Law Enforcement and Supervision Department at Ministry of Land and Resouces, said 14 ministries and commissions have jointly established a leading group on dealing with the problems ...; China Securities Journal | 2010-05-05

FINANCE: China's External Financial Assets Rose 17% in 2009; The State Administration of Foreign Exchange on May 4th released China's international investment position sheet for 2009, showing China's external financial assets rose 17 percent from a year earlier to 3.46 trillion US dollars while its external financial liabilities went up 12 percent to 1.63 trillion US dollars by the end of 2009.; The Beijing News | 2010-05-05

INTERNATIONAL RELATIONS: Foreign Affairs Ministry Responds to Questions on Kim Jong Il's Visit to China; When questioned on North Korea's leader Kim Jong Il's visit to China, Jiang Yu, a spokesman of the Ministry of Foreign Affairs remained vague on the issue. While answering questions related to North Korea, she said China and North Korea have been maintaining the tradition of high-profile visits.; The Beijing News | 2010-05-05

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China's CPI Up 2.8% in April: China's CPI rose 2.8 percent in April from a year earlier according to the National Bureau of Statistics; Source:National Bureau of Statistics

China's Looming Inflation: With increased costs for labor, industrial materials and agricultural products, inflation is becoming increasingly apparent in China.; Source:Shenzhen News

YEAR-END SPECIAL: Year-end Special: China's Road to Recovery; A digital book tracing the economic developments that have shaped China over the past year...