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

CREDIT CARDS: VISA To Increase Cost of China UnionPay Transactions Outside Mainland China; As of August 1, VISA will require banks that are members of its global network to pay extra fees if they use the China UnionPay (CUP) settlement channel when processing transactions outside mainland China involving credit cards carrying the VISA logo. The move will mean that China UnionPay cardholders will be forced to pay extra brokerage fees when buying goods or withdrawing money in foreign coun...; China National Radio | 2010-06-02

AUTO: Ministry of Finance Announces Subsidies for Hybrid and Electric Cars Sold in Fiv...; The Ministry of Finance announced yesterday that as of June 1, producers of hybrid and electric cars sold in Shanghai, Changchun, Shenzhen, Hangzhou and Hefei will receive subsidies of up to a maximum of 50,000 yuan for plug-in hybrids and 60,000 yuan for electric cars. The subsidies will be given to the car manufacturers and passed on buyers via lower prices.; China News Service | 2010-06-02

STOCK MARKET: Shanghai Composite Index Plunged below 2,600 Points; Due to investors concerns about the gradual introduction of a real estate or property tax, China's Shanghai composite index dropped to 2,592 points on May 31. During the past May, the index has plunged 9.7 percent from 2,870 points to 2,592 points.; The Beijing News | 2010-06-01

POLITICS: New Governor for Hunan Province; As part of a broader shake up of provincial leaders, the Central Committee of the Chinese Communist Party (CPC) announced on May 31 that Xu Shoucheng, governor of Gansu province, would be appointed as Deputy Secretary of the CPC Hunan Provincial Committee and that he also be nominated as the province's governor.; Xinhua News Agency | 2010-06-01

PROPERTY TAX: Shanghai Likely to Pilot Real Estate Tax; People close to the matter revealed to the Economic Information Daily that Shanghai municipality is likely to implement new regulations to control the city's booming real estate market. It's likely that some form of real estate or property tax will be introduced..; Economic Information Daily | 2010-06-01

GOVERNANCE: China Names New Party Chief for Shanxi Province; Yuan Chunqing was appointed the new party chief of Shanxi province by the central committee of the Chinese Communist Party on May 31. Prior to this, Yuan was the governor of Shaanxi province. Yuan also worked at the country's Communist Youth League. The report announcing Yuan's appointment did not mention the fate of Zhang Baoshun who has served as party chief of the province since 2005.; People's Daily | 2010-05-31

STEEL: 77 Steel Companies Earn 33.9 billion Yuan Over Past Four Months; The 77 steel companies under the China Iron and Steel Association (CISA) have earned a combined profit of 33.9 billion yuan in the first four months of this year, thanks to the stockpiling of low-price iron ore which was imported last year. However, with iron ore prices rising significantly this year, and declining steel prices, the profits of the steel companies may be severely affected, some of ...; The Beijng News | 2010-05-31

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Visa Takes On China UnionPay: The conflict between Visa and China UnionPay has come to a head, with Visa announcing it plans to block use of the CUP settlement channels from Aug 1; Source:The Economic Observer

Central Government Plans to Gradually Adopt Residence Permit System: China's central government recently committed itself to gradually carrying out the reform of the country's residence permit system.; Source:China Central Government

INTERVIEW WITH PASCAL LAMY: Economic Observer Exclusive: Interview with Direct...; We ask Pascal Lamy, the Director-General of the WTO, about the recently-released third Tra...