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

HEALTH CARE: China to Intensify its Management of Drug Prices; The National Development and Reform Commission aims to curb the unreasonably high drug prices in China by intensifying its review and supervision of drug prices before they are sold to drug wholesalers and then hospitals. Experts said currently the cost price of drugs accounted for only 5% of their retail price.; The Beijing News | 2010-05-26

POLICY: Chinese Government Prepares to Reform Income Allocation; Officials of various Chinese ministerial agencies, including the National Development and Reform Commission (NDRC) and the NPC's Financial and Economic Committee, are conducting a joint-investigation on possible reforms to address the issue of the expanding income gap among ordinary Chinese people.; Caixun | 2010-05-26

EXCHANGE RATE: President Hu Pledges Gradual Reform of Mechanism Determining RMB Exchange Rate; Chinese president Hu Jintao addressed the opening ceremony of the second-round of China-US strategic and economic dialogue in Beijing on May 24th. During his remarks, President Hu said "China will continue to steadily advance reform of the mechanism used to fix the RMB's exchange rate under the principle of independent decision-making, controllability and gradual progress."; The Beijing News | 2010-05-25

LAND: 16 Cities Found to Have Illegally Occupied Farming Land; On May 24, China's Ministry of Land and Resources announced that 16 cities were found to have illegally occupied farming land without submitting an application to a higher authority. At present, 1,932 officials involved in the illegal occupation of land have been transferred to the public security and judicial system for investigation.; The Beijing News | 2010-05-25

CORRUPTION: Former MOC Official Appeals Death Sentence; Guo Jingyi, a former high-level official in the Treaty and Law Department of China's Ministry of Commerce, appealed to a higher court against his first sentence. He was sentenced to death with a two-year reprieve after a Beijing court ruled that he had accepted bribes worth 8.45 million yuan from Gome, China's largest home appliance retailer and another Beijing-based company on May 20.; The Beijing News | 2010-05-25

FOXCONN: Another Death at Foxconn Factory Takes Death Toll to 9; An employee of Foxconn Technology Group fell to his death from a building within the company's Shenzhen factory compound early Tuesday morning (May 25). This marks the eleventh apparent suicide since the beginning of the year, resulting in a total of 9 deaths and 2 cases of serious injury.; Xinhua News Agency | 2010-05-25

INTERNATIONAL RELATIONS: China-US Strategic and Economic Dialogue Opens in Beijing; The second round of the China-US Strategic and Economic Dialogue opened on Monday in Beijing. Chinese Vice Premier Wang Qishan and US Treasury Secretary Timothy F. Geithner will jointly hold the economic dialogue; Chinese State Councilor Dai Bingguo and US State Secretary Hillary Clinton will chair the strategic track of discussion.; China News Service | 2010-05-24

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Officials Rebut Report that China is Reviewing Holdings of Euro-bonds: China's State Administration of Foreign Exchange (SAFE) yesterday denied foreign media reports that alleged the government agency was reviewing its holdings of Euro-bonds.; Source:China's State Administration of Foreign Exchange

Who is Being Allocated Policy-based Housing?: Local governments are pushing to construct large-scale, low-priced "policy-based" housing for civil servants; Source:The Beijing Times

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...