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

CORRUPTION: Mayor of Zhongshan City Under Investigation; An official from Guangdong Provincial Committee for Discipline Inspection of the Communist Party of China confirmed that Li Qihong, mayor of Zhongshan city, is being investigated on suspicion of economic misconduct.; Xinhua News Agency | 2010-05-31

AGRICULTURAL MARKETS: China to Crackdown on Speculation in Agricultural Products Market; In a meeting of the Standing Committee of China's State Council on May 26, Premier Wen Jiabao stated that the government is determined to ensure a healthy and orderly operation of the market for agricultural products and will severely punish any speculative behavior in contravention of the market rules. Among other measures announced to reduce volatility in the agricultural markets, provincial gov...; The Beijing News | 2010-05-28

ENERGY: NDRC Determined to Push Ahead With Reform of Energy Prices this Year; The pricing system for natural gas will be reformed this year, with residents being charged at graded price levels that will be determined by the amount of gas they consume, so that higher rates apply after a certain, as yet undetermined, quota is passed. Punitive electricity prices will also be imposed on companies whose energy consumption per unit exceeds the national standard, according to stat...; The Beijing News | 2010-05-28

PROPERTY: New Rules Require Beijing Developers to Pay Property Fee; From October 1, Beijing developers will be required to pay property fees themselves and are prohibited from passing the fee on to property owners before a meeting of the property owners has been held, according to the newly released Beijing Property Management Act. Disputes over the payment of property fees (物業費 wuyefei) have been a major source of tension between property owners and developers in...; The Beijing News | 2010-05-28

OVERCAPACITY: Ministry of Industry and Information Technology Pledges to Get Tough on Overcapa...; No new projects which consume too much energy or produce too much pollution (known in Chinese as 兩高 lianggao or the "two highs") or that are characterized as leading to overcapacity in a particular sector, will be approved this year, according to a spokesperson from the Ministry of Industry and Information Technology (MIIT) yesterday. The ministry also stated that sectors exhibiting overcapacity ...; People's Daily | 2010-05-28

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

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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...