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

BANKING: Agricultural Bank of China IPO Predicted to Raise 23 billion US Dollars; As the Agricultural Bank of China began its IPO last week, analysts said it might raise as much as 23 billion US dollars, exceeding the amount raised by the Industrial and Commercial Bank of China of 21.9 billion US dollars and becoming the largest IPO in the world capital market since the start of the financial crisis.; China Securities Journal | 2010-06-28

MILITARY: China to Launch Live Fire Training Exercises in the East China Sea; A branch of China's People's Liberation Army announced today that it will launch live fire training exercises in East China Sea from 12 am to 6 pm every day from June 30th to July 5th.; People's Daily Online | 2010-06-28

POLITICS: China Names New Head for Ministry of Civil Affairs; On June 25, the Standing Committee of National People's Congress appointed Li Liguo, formerly the vice minister of the Ministry of Civil Affairs, as the new head of the Ministry of Civil Affairs. Although no official announcement has been made, the former head, Li Xueju, appears to have reached the official retirement age of 65.; Xinhua News Agency | 2010-06-25

TRADE: The Cancelling of Export Rebate Does Not Indicate a Shift in Export Policy; Though China will not provide an export rebate for 406 export products as of July 15, it is not an indicator that China will shift its export policy, an official with the Ministry of Commerce told a reporter with the China Securities Journal. He went on to say that those products only accounted for 3% of all export products taxed and 1% of the total value of China's exports in 2009.; China Securities Journal | 2010-06-25

LAW: Confessions Obtained Through Torture Can Not be Used as Evidence; The Supreme People's Court released a notice yesterday which states confessions and witness testimony obtained through violence or threats, can not be used in criminal prosecutions. This rule will take effect as of July 1, 2010.; The Beijing Times | 2010-06-25

SECURITY: Government Employees to be Held Responsible for Keeping Insider Information; The China Securities Regulatory Commission has planned to identify governmental employees in the securities regulation system that have access to insider information and will require them to register and be held responsible for keeping such information secret; a person with knowledge of the rule told a China Securities Journal reporter.; China Securities Journal | 2010-06-25

GOVERNMENT: Local CPC Secretary Attempts Suicide; The local government of Hongan county in Huanggang city, Hubei Province, has admitted that the secretary of the CPC's Hongan Committee, Xiong Liangxiao, tried to commit suicide by slitting his wrist while on a business trip on June 24. Xiong Liangxiao was sent to the hospital and is in stable condition.; The Beijing News | 2010-06-25