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

AGRICULTURE: Ministry of Agriculture Predicts Bumper Summer Harvest; Despite the severe drougths affecting various regions of the country, the Minister of Agriculture yesterday predicted that this summer's grain harvest would be sizeable. Han Zhangbin, said that policies introduced by the central government to help deal with the drought had been effective.; China Securities Journal | 2011-05-31

XINJIANG: Investment in Xinjiang Set to Increase Dramatically; Following the second meeting to discuss national support and assistance for the Xinjiang Autonomous Region in Beijing this past weekend, according the region's 12th 5-year plan, total social investment of 3.6 trillion yuan over the coming 5 years is likely to ensure that the growth rate exceeds an average annual rate of 10% over the 5 year period. Fixed asset investment is also predicted to grow a...; Shanghai Securities Journal | 2011-05-31

FINANCE: China's External Financial Assets Exceeded 4.1 Trillion US Dollars in 2010; The country's external financial assets expanded 19 percent from a year earlier to 4.1 trillion US dollars by the end of 2010, boosted by increased foreign exchange reserves and overseas investment, the State Administration of Foreign Exchange (SAFE) revealed yesterday. According to figures for 2010, China's 2.9 trillion dollars in foreign exchange reserves accounted for about 71% of the country's...; Financial News | 2011-05-31

: Non-residential Power Prices to Rise Next Month; As of June 1, 15 provinces and municipalities across China will lift the price of electricity used for industrial, commercial and agricultural purposes by an average of 0.02 yuan per kilowatt-hour.; The Beijing News | 2011-05-31

RETAIL: Home Appliance Sales Growth Slows in April; The 100 largest home appliance chains in China reported slower growth in April, with a year-on-year increase of 18.5 percent, according to the Ministry of Industry and Information Technology (MIIT). The growth rate for April was 17.9 percentage points lower than that witnessed during the same period last year when subsidies aimed at stimulating consumption were still in effect. Retail sales of hom...; China Securities Journal | 2011-05-30

IRON ORE: China Paying More for Iron Ore Imports; According to data released by the China Iron & Steel Association (CISA), China paid 85.7 billion yuan more for iron ore imports in the first four months of this year when compared to the same period last year. According to CISA, this figure is 2.6 times the profits earned by the country's steel industry over the same period. Luo Bingsheng, CISA's deputy Party chief, told a forum this past weekend ...; Oriental Morning Post | 2011-05-30

DROUGHT: Over 34 Million Affected by Drought; A drought centered on the middle and lower reaches of the Yangtze River has affected almost 35 million people and caused economic losses of almost 15 billion yuan, the National Meteorological Center said on Sunday. The Ministry of Civil Affairs also released data showing that since early January, rain fall in Jiangsu, Anhui, Jiangxi, Hubei and Hunan provinces has been between 40 and 60 percent les...; Western Business News | 2011-05-30

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Foxconn Employee Commits Suicide at Chengdu Plant: Domestic media are reporting that an employee at Foxconn's Chengdu assembly plant leaped to his death in the early hours of this morning; Source:21st Century Business Herald

Police Deny Rumors that Baotou Billionaire Faked Own Death: Police in Baotou, a city in Inner Mongolia, have officially denied rumors that a local entreprenuer faked his own death last month; Source:China News Agency

INTERVIEW: Interview with Zhang Yong: The Secret of Haidilao'...; The manager of the succesful hotpot chain talks about how he grew his business from a smal...