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

ENVIRONMENT: China On Track to Realize Pollution Reduction Goals; At a news briefing held in the State Council's News Office yesterday, Zhang Lijun, Deputy Minister of Environmental Protection, announced that the government was optimistic that the important pollutant reduction goals outlined in China's 11th Five-Year Plan would be reached. If they are realized, it will be the first time for the government to realize the environmental protection goals set out in ...; The Beijing News | 2010-06-04

INFLATION: Price of Milk Powder Expected to Rise; Driven by the increased price of raw materials and growth in demand, the price of milk powder is set to rise soon according to comments made by one international milk powder producer, Dumex, to the China Business Daily. The price increase follows recent rises in the price of cotton, herbal medicine and a range of other commonly-used consumer goods.SourceChina Youth DailyGoogle Translation; China Youth Daily | 2010-06-04

IPO: Agricultural Bank of China to Go Public in Hong Kong on July 16; A source close to the Agricultural Bank of China's IPO preparatory team said the bank has made a preliminarily decision to list on the Hong Kong stock exchange on July 16. Hong Kong New World Development Company has confirmed that it will subscribe to 300 million HK dollars worth of ABC shares.; China Business News | 2010-06-03

DEBT: Local Government Debt Climbs to 7 Trillion Yuan; Sources revealed that local government debt climbed to 7 trillion yuan from 4 trillion yuan over the past few months. An expert held that such a huge amount of debt would likely slow the pace of China's economic growth just as the recovery was.; China Business Times | 2010-06-03

TAX: Resource Tax Reform Begins in Xinjiang; China's Ministry of Finance announced on June 2 that the Xinjiang Uyghur Autonomous Region began levying a 5 percent resource tax which is calculated according to the value of resources extracted. as of June 1 this year.; Xinhua News Agency | 2010-06-03

POLICY: Central Government to Launch Nation-wide Inspection of Local Level GDP Statistic...; China's National Bureau of Statistics, Ministry of Supervision and Ministry of Justice jointly launched a nation-wide campaign to inspect the statistics produced by local-level governments. Investigators will focus on the gross domestic product (GDP) figures published by local governments.; Yangste Evening News | 2010-06-03

PAY: Foxconn Raises Workers' Pay by 30%; The Foxconn Technology Group, a giant electronics manufacturer that experienced a spate of worker suicides at its China plants over recent weeks, announced late yesterday that it would raise the pay of workers by 30 percent effective June 1.; China Business News | 2010-06-03

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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...