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

ENERGY: China to Increase Amount of Energy Sourced from Natural Gas as Part of 12th Fve-...; China will focus on the development of natural gas as a source of electrical power during the period of the 12th Five-Year Plan, says Li Junfeng, deputy director of the Energy Research Institute of the National Development and Reform Commission (NDRC). He also expects the Chinese photovoltaic market to witness significant growth in the next three to five years.; Sina Finance | 2010-09-10

MERGER: Ministry of Commerce Encourages Private Enterprises to Pursue Overseas Mergers; China's Deputy Minister of Commerce Wang Chao, has said that acquisition activity led by private enterprises will become a "new highlight" of the way that China conducts foreign investment in the future. He made the remarks during a presentation at the Foreign Investment and Risk Management Forum of Chinese Enterprises, which was held in Xiamen on September 9.; Securities Daily | 2010-09-10

STEEL: Du Shunaghua Sells Stake in Rizhao to Shandong Steel Group; Du Shunaghua, the former chairman of Shandong Rizhao Steel Group and star witness in last year's trial of four Rio Tinto employees, is said to have sold his 33% stake in the company to Shandong Steel Group and to be exiting the company. Shandong Steel Group now owns 100% of Rizhao Steel.; 21st Century Business Herald | 2010-09-10

MINING: Mine Bosses that Refuse to Descend Shafts to Face Heavy Fines for Accidents; The State Administration of Work Safety announced today that starting from October 7th this year, if leaders refuse to descend mine shafts with their workers and subsequently an accident occurs, they will be fined up to 5 million yuan and 80% of their annual salary. Every mine boss is expected to lead a working team down the mine a minimum of five times a month. Bosses found responsible for major ...; China Youth Online | 2010-09-09

CORRUPTION: Former High-level Anti-corruption Offical Sentenced to Death for Corruption; Wang Huayuan, the former party secretary of Zhejiang's Provincial Commission for Discipline Inspection, the Communist Party body charged with monitoring the behaviour of high-level party officials, was sentenced to death, with a 2-year reprieve, by Zaozhuang Intermediate People's Court in Shandong on Sep 9 on charges of accepting bribes. Wang was also stripped of his political rights for life and ...; China Newsweek | 2010-09-09

MIDDLE CLASS: China's Middle Class Doing it Tough; A reporter from the People's Daily conducted an investigation into the lives of China's so-called "middle class." The reporter found that the Chinese "middle class" were living under intense pressure, with half of their income devoted toward paying off their mortgages.; People's Daily Online | 2010-09-09

AGING SOCIETY: Academic: Ageing China Will Reach Crisis Point in 2035; By 2015, China will see a significant decrease in the proportion of the working-age population, said Yang Yansui, director of the employment and social security research center of Tsinghua University, at the 21st Century Forum yesterday. Yang went on to say that in 2035, there will be, on average, less than two tax payers supporting one pensioner, what he referred to as the “the crisis point of an...; The Beijing News | 2010-09-09

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What is China's People's Congress Up To?: 152 of the 175 delegates that make up the Standing Committee of China's top legislature attended a six day meeting of the body in Beijing late last month.; Source:NPC

The Private Lives of Local Officials to Play a Role in Promotions: Many local governments are issuing new standards to evaluate potential employees that focus on “personal ethics.”; Source:Legal Daily

BOOK REVIEW: September Issue of EO's Book Review; Highlights from this month's edition: Talking Bubbles with Andy Xie