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

INSURANCE COMPANY: CIRC Sets Upper Limit for Insurance Company Funds Allowed to Invest in Stock Mar...; The China Insurance Regulatory Commission (CIRC) has set the upper limit of insurance company funds allowed to invest in the stock market at 20% of their total funds, according to a notice released by the CIRC yesterday. The notice also prohibits insurance company funds from investing in the property market.; China Securities Journal | 2010-08-06

MONETARY POLICY: China Continues with Moderately Loose Monetary Policy; The People’s Bank of China has stated that China will continue with its moderately loose monetary policy and further improve the mechanism it uses to formulate the RMB exchange rate according to a report the central bank released yesterday. The report also states, with a relatively complex price situation, China should intensify its efforts to forecast inflation.; China Securities Journal | 2010-08-06

AUTOS: BYD Reduces Sales Target to 600,000 Units; BYD, China's leading car manufacturer, has announced it will reduce its sales target from 800,000 units to 600,000 units this year, making it the first Chinese car producer to reduce sales target this year. BYD sold 448,000 cars in 2009 and had originally planned to almost double sales this year.; The Beijing News | 2010-08-05

REAL ESTATE: 190 Million Square Meters of Commercial Residential Housing Remains Unsold; The aggregate floor space of unsold residential apartments climbed to 191.82 million square meters at the end of June, up 6.4% on the same period last year, according to data released by the National Bureau of Statistics (NBS). The NBS did not publish any figures in relation to vacancy rates.; The Beijing Times | 2010-08-05

TAX: State-owned Enterprises Pay Five Times More Tax than Private Firms; China's state-owned enterprises paid a collective total of 5.4 trillion yuan in tax to the central government from 2002 to 2009, which works out as an average tax rate of 27.3% as measured in terms of the ratio of tax to total sales revenue (before tax). This is five times the percentage paid by the average private firm according to figures from a report released by the State-owned Asset Supervisi...; The Beijing News | 2010-08-05

STATE-OWNED ENTERPRISES: 19 Central-owned Enterprises to be Placed Under the Control of "CIC No. 2"; The State-owned Asset Supervision and Administration Commission plans to formally unveil the new Guoxin Asset Management Company, which is frequently referred to in the local financial press as "CIC No. 2", in August. By the end of the year, it’s expected that 19 centrally-owned enterprises (COEs) will be put under the control of the new assets management body. Many of these COEs are large diversi...; Securities Daily | 2010-08-05

BANKING: CBRC Orders Banks to Stop Collecting Controversial Fees; Over recent days the China Banking Regulatory Commission (CBRC) has published announcements requiring all commercial banks to clean up their act in regard to the collection of service fees that are not in line with existing regulations. The banks have been told to investigate the pricing of the various fees that they charge for services, and if any problems are found to rectify them immediately. T...; National Business Daily | 2010-08-04

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House Prices Up 10.3% as Banks in Major Cities Stop Offering Loans to ...: The average price of housing in seventy large- and medium-sized cities increased by 10.3 percent in July; Source:National Bureau of Statistics

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

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...