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

LABOR: 14 Provinces Have Raised Minimum Wage in 2010; According to the statistics from China Business News, 14 provinces and municipalities have already raised their standard minimum wage so far this year.; China Business News | 2010-06-10

SOCIAL SECURITY: Threshold for Beijing Low Income Payment to be Raised to 430 Yuan; If all goes to plan, Beijing families with an average per capita income of or below approximately 430 yuan per month, will soon be provided with low income payments, according to the Beijing Bureau of Civil Affairs. It is estimated that 230,000 people will be covered by the new minimum living subsidy. The previous threshold for receiving the low income payment was 410 yuan per month. SourceTh...; The Beijing News | 2010-06-09

GOVERNMENT: Civil Servants Required to Pay No More than 300 RMB for Standard Room on Busines...; According to a notice released by the Ministry of Finance, Chinese civil servants will be required to stay in hotels at or below three-star level when they travel on business and the price they pay for a standard room must not exceed 300 yuan a night. SourceThe Beijing NewsGoogle Translation; The Beijing News | 2010-06-09

SMALL LOAN COMPANY: Alibaba Establishes Company to Supply Small Business Loans to Online Merchants; Alibaba Group, China's largest online business platform, along with the Fuxing, Yintai and Wangxiang Groups, has founded a company in Hangzhou that will supply small business loans to online merchants. The loans will be capped at 500,000 yuan.; Beijing Business Daily | 2010-06-09

IRON ORE PRICE: Iron Ore Price to hit US＄147 per Ton In Third Quarter; The FOB (free on board) price of iron ore being sold to Chinese steel mills by Anglo-australian mining company Rio Tinto will rise to 147 US dollars per ton in the third quarter, up 19.5% on the second quarter price. The rise will cause the cost of Chinese steel production to go up by between 300 to 450 yuan per ton. SourceChina Securities JournalGoogle Translation; China Securities Journal | 2010-06-09

CORRUPTION: Senior SAIC Official Sentenced to 11 Years Jail; Liu Wei, former vice director of the Foreign-Invested Enterprise Registration Bureau of the State Administration for Industry and Commerce (SAIC) was sentenced to 11 years in jail on June 7, after a Beijing court found him guilty of accepting 1.34 million yuan in bribes. One of the people who bribed was Guo Jingyi, a former high-level official in the Treaty and Law Department of China's Ministry o...; The Beijing Times | 2010-06-08

INFLATION: Economists Estimate CPI Rose 3.1% in May; According to the National Business Daily, in a survey conducted on June 4, the average prediction for the growth in the CPI figure for May made by 25 securities and research institutes was 3.1 percent, a little higher than the 2.8 percent rise registered in April. Industry players including Li Lihui, president of the Bank of China, believe that the central bank is likely to hold back on raising in...; National Business Daily | 2010-06-08

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China's CPI Up 3.1% in May: China's CPI rose 3.1 percent in May from a year earlier, the NBS announced at a news briefing on Friday morning.; Source:National Bureau of Statistics

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

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...