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

STOCK MARKET: Shanghai Composite Index Rose 10% in July; The Shanghai Composite Index ended the month above 2,600 points, achieving a growth rate of 9.97% over the previous month. Analysts say that given the steady policy environment and the central government's focus on pushing ahead with construction of policy-based housing during the second half of the year, China's A-share market is likely to continue it's positive run over the coming months.; Securities Times | 2010-08-03

BANKING: New Loans Expected to Reach 700 Billion Yuan in July; New RMB loans issued by China’s four largest commercial banks, reached 243 billion yuan in July, 78 billion yuan more than the amount issued in June. The new loans issued by the four state-owned banks accounted for 27.3% of the total amount of new loans issued in June and analysts predict the percentage for July will be somewhere between 30 to 40% of the total in July, indicating the total amount ...; China Finance Information | 2010-08-03

LAW: Huang Guangyu Appeal to be Heard Soon; Huang Guangyu, former chairman of Gome Electrical Appliances - one of the largest privately-owned electrical appliance retailers in Mainland China - and once listed as the wealthiest man in China, has switched defense teams in preparation for his appeal against a 14-year jail term and a 600 million yuan fine that was handed down in May this year on charges that he conducted illegal business operat...; The Beijing News | 2010-08-02

MANUFACTURING: China's PMI Fell to 51.2 in July; The Purchase Management Index (PMI) of China's manufacturing sector decreased to 51.2 in July, down from 52.1 in June, hitting a 17-month low, according to data issued on Sunday by the China Federation of Logistics and Purchasing and the National Bureau of Statistics.; China Information Daily | 2010-08-02

FINANCE: People's Bank of China Reiterates Lending and Monetary Policy Stance; At a meeting of the heads of the central bank's various branches held yesterday, the People's Bank of China reiterated its intention of continuing to provide varied lending rates for different kinds of home-buyers and also to continue to implement moderately-loose monetary policy. Beginning in April this year, in an attempt to curb rapidly rising housing prices, the central bank required commercia...; The Beijing News | 2010-08-02

TAX: Central Government Collects 3.86 Trillion Yuan of Taxes in First Half; China's central government collected 3.86 trillion yuan of tax in the first half year of 2010, up 30.8% on the amount collected over the same period last year, according to the Ministry of Finance's taxation department. However, since China’s economy recovery only really began to take effect during the second half of 2009, the tax revenue growth rate is expected to slow during the second half year...; The Beijing Times | 2010-08-02

IRON ORE: Chinalco and Rio Tinto to Develop Simandou Iron Ore Project; Yesterday, Chinalco reached an agreement with Rio Tinto to found a joint company to explore and operate the Simandou iron ore project located in Guinea; Chinalco will invest 1.35 billion US Dollars in this project in the coming two to three years and will gain 47 percent of the joint company. As this new project will provide 70 million tons of high-quality iron ore for Chinese steel producers per ...; China Securities Journal | 2010-07-30

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Recent Environmental Accidents Inevitable: Although recent environmental disasters in China appear to be accidental, they are inevitable...; Source:21st Century Business Herald

China's GDP Grows 11.1% in First Half of 2010: China's gross domestic product (GDP) registered a year-on-year increase of 11.1 percent in the first half of 2010.; Source:The National Bureau of Statistics

INTERVIEW: Interview with Luxembourg's Prime Minister Jean-Cl...; We travel to Luxembourg to question the PM about the prospects for Europe's economic recov...