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

LABOR: Revisions to Regulations Governing National Wage System Nears Conclusion; Although no official announcement has been made, revisions to existing regulations governing China's system of wages currently being considered by the State Council and which come under the purview of the Ministry of Human Resource and Social Security, are said to be drawing to a conclusion by those close to the matter.; 21st Century Business Herald | 2010-08-04

LAW: Court Admits Error in Sentencing of Whistle Blowers; The procuratorate and People’s court of Qinyang City in Henan Province has admitted that they were wrong to prosecute a case that resulted in the sentencing of eight farmers who had earlier complained about the illegal behavior of the party secretary of their village. The farmers have since been awarded compensation from the local government.; The Beijing News | 2010-08-04

FLOOD: Water Supply to Major Cities in Jilin Province Cut Off Due to Floods; The water supply to many of the major cities in Jilin Province, including Baishan, Tonghua and Antu, were cut off yesterday and cities are also suffering from a shortage of fresh vegetables, due to floods and continued heavy rainfall in the region.; Xinhua News Agency | 2010-08-03

INFLATION: Inflation Indicator Tipped to Exceed 3% in July; Based on recent increases in the price of some agricultural products, Lu Zhengwei, a senior economist with the Industrial Bank of China, predicts that China’s CPI is predicted to grow by more than the government’s stated target of three percent in July. However, with weaker GDP growth and a slowdown in domestic demand, it’s expected that the growth in the CPI will continue to slow in the second ha...; Economic Information Daily | 2010-08-03

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

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Gome Escalates Dispute with Former Chairman: The dispute between Gome Electrical Appliances, China's leading home appliance provider, and its former chairman, Huang Guangyu, has escalated.; Source:The Beijing News

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

EUROPE: Interview with French Minister for Economy, Indust...; We cross the zebra-print carpet of Madame Lagarde's Paris office to ask her about the outl...