Part of a regular series of posts offering quick translations and commentary on the top headlines appearing in China's financial press

Some of the major business stories that broke in Chinese over the past 24 hours include:

Resignation of Wang Jianzhou Chairman of China Mobile
Yesterday Caixin reported that the Chairman of China Mobile would resign today, the news was soon translated by Reuters and Bloomberg.

By this morning, many Chinese newspapers (for example The Beijing Times) ran  the story citing industry rumors, despite the lack of an official announcement from China Mobile.

Rumors that Wang would be replaced by Xi Guohua (奚国华), a former vice minister of Industry and Information Technology, began circulating in May last year.

China News Service carried a report early on Thursday evening that seemed to make the announcement official, citing an announcement made at a China Mobile meeting earlier in the day.

Transportation Planning

The State Council held an executive meeting yesterday and one of the items on the agenda was investment in China's transportation infrastructure.

For details of what was discussed, you can see the official report in Chinese here, look at the official English translation or peruse WSJ\'s take on the meeting.

Think Tank: Domestic Consumption to Become Biggest Driver of Economic Growth in China
Domestic consumption will overtake government investment to become the biggest driver of China's economic growth for the first time in a decade according to a report released by a think tank with ties to China's Ministry of Commerce. The report predicted that China's domestic consumption will grow by 15 percent in 2012.

For more on the 2012 China Consumption Market Development report, see this article from today's People's Daily in Chinese or a brief translation of it from the China Internet Information Center.

Who's in town This Week:

The president of Indonesia arrived in Beijing today, for details of his visit, you can see today's Beijing News (Chi) or read this report in the Jarkarta Post. According to that report, SBY will receive an honorary degree from Tsinghua University on Saturday.

The prime minister of Ireland will also visit China from March 25 to 29, for an idea of what will be the focus of the trip, see this article in the Washington Post. Also worth browsing is this NYTimes article which was published last month during Xi Jinping's visit to Ireland.

Links of the Day

- A new China blog to keep an eye on - Rectified.name 正名

- An interesting Q&A with Adam Minter on the 'This American Life' Retraction

and a list of 378 words that you're prevented from searching for on Weibo