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

MINIMUM WAGE: Seven Chinese Provinces Pilot New Minimum Wage Reform; China's Ministry of Human Resources and Social Security recently stated that provinces and municipalities could consider adopting a flexible minimum wage system so that the various levels of minimum wage are linked to fluctuations in food prices at the local level. The stated aim of the reform is to ease the impact of price rises on local residents. At present, seven provinces, including Shandong,...; The Bejing Times | 2010-05-27

CORRUPTION: Former High-level Ministry of Commerce Official Sentenced to 12 Years in Jail; Deng Zhan, former vice director of the Foreign Investment Administration at Ministry of Commerce was sentenced to 12 years in jail after a Beijing court convicted him on charges of accept 2.22 million yuan of bribes.; JCRB.com | 2010-05-27

WORK SAFETY: China Work Safety Watchdog Releases Blacklist of Serious Incidents in Q1; China's State Administration of Work Safety published a report on the enterprises responsible for a series of deadly mine incidents in the first quarter of the year on May 26. Shenhua Group, China's biggest coal producer, is included on the list. In the first quarter, there were 23 major mine disasters that led to 430 deaths.; The Beijing News | 2010-05-27

INSURANCE: China Insurance Regulator Introduces New Rules to Regulate Release of Annual Fin...; China Insurance Regulatory Commission issued a new rule in relation to information disclosure requirements on domestic insurance companies yesterday. According to the rule, the insurers' annual financial report should be released before April 30 and also be published on their website and in a newspaper selected by the commission.; Caihuanet | 2010-05-27

FINANCE: Agricultural Bank of China Begins Charging Individuals Making Small Deposits; The Agricultural Bank of China has decided to charge individuals who deposit coins or small notes (less than one yuan in value) according to the number of coins or notes they deposit, spawning debate over the transparency of the pricing system of banks. Previously, many banks have charged companies who deposit coins or small notes.; Southern Daily | 2010-05-26

FINANCE: Newman Leaves Shenzhen Development Bank; Frank Newman, the former vice treasury secretary of the US, has resigned from his position as Shenzhen Development Bank President; Newbridge Asia has sold its shares in the bank to China Ping An Insurance Company. Richard Jackson, the former president of Ping An, has become the new president of the Shenzhen Development Bank. During his five-year tenure at the Shenzhen Development Bank, Newman earn...; The Beijing News | 2010-05-26

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

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Man Shoots Himself after Killing Three Court Workers: A man killed himself after shooting three people to death at a court in China's central Hunan province; Source:Sanxiang Metropolis Daily

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

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...