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

DEVELOPMENT: Chongqing Announces the Establishment of Special Development Zone; Chongqing municipality yesterday announced that the State Council has approved its plan to establish a special development zone named 'Liangjiang New Area', which is similar to the Tianjin Binhai New Area. An official said the areas establishment marks the beginning of a new round of development in western China.; Xinhua News Agency | 2010-06-18

BANKING: Banks Told to Stop Providing Credit to Local Governments Without Details of Spec...; To prevent potential credit risks, the China Banking Regulatory Commission has ordered financial institutions not to provide credit to local governments when no specific project is identified. Packaged loans are also being prohibited and local financing platforms with no real capital nor a complete management structure or risk management system will also have their access to loans severely limited...; China Securities Journal | 2010-06-17

TAIWAN: Agreement Reached on Text of Cross-Strait Economic Cooperation Agreement; Experts attending the third working meeting of the “Cross-Strait Economic Cooperation Framework Agreement” have reached a consensus on the text of the agreement, which covers affairs concerning trade, investment and economic cooperation, on both sides of the Taiwan Straits.; China News Service | 2010-06-17

RESOURCES: Domestic Fuel Prices Expected to Continue Fall; The price of petrol and diesel products sold at Chinese gas stations is likely to continue to fall again next month as the price of oil on global markets decreased by 5.28% from June 1 to June 10. If the price continues to fall or remains stable over the coming 2 weeks, the should mean that the drop in price will exceed the benchmark rate of a 4% change over 22 days, which the Chinese government h...; China Securities Journal | 2010-06-17

MARKETS: Shenzhen Stock Exchange "Fails" 18 Listed Companies on Information Disclosure in...; A total of 18 listed companies, 12 of which are listed on the main board market of Shenzhen Stock Exchange, the other 6 are listed on the small and medium-size enterprises (SME) board, were given "fails" or ranked 不及格（bùjígé）in terms of their information disclosure in the Stock Exchange's report on information disclosure practices.; Xinhua News Agency | 2010-06-17

NUCLEAR: Small Radioactive Leak Detected at Guangdong's Daya Bay Nuclear Power Plant; China Light & Power Company, one of Hong Kong‘s two power suppliers, confirmed that a small rise in radioactivity was detected in the cooling water of Daya Bay nuclear power plant's No. 2 reactor on May 23, but it had no impact on the public or the operation of the facility. The preliminary assessment has indicated that a "very small" amount of radioactive material escaped from a fuel rod. A task ...; China Youth Network | 2010-06-15

THREE GORGES: As Water Level Rises, China to Investigate Geologic Hazards in Vicinity of Three...; After several days of non-stop rain in southern China and in preparation for the build up in water pressure as the likelihood that the depth of the the water held in the Three Gorges reservoir will reach 175 meters, Liu Yuan, director of the State Council's Three Gorges Geologic Hazard Prevention Office, announced the launch of a large-scale investigation into the geologic hazards around the dam. ...; The Beijing News | 2010-06-15

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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...