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

GOVERNANCE: NPC Discusses Proposed Amendment that will Require Representatives Report to Vot...; The standing committee of China's top legislature began a second reading of draft amendments to the Law on Deputies to the NPC and Local People's Congresses at Various Levels at the seventeenth meeting of the body, which opened in Beijing yesterday. The proposed changes to the law further specify the rights and duties of lawmakers and include provisions that will require directly-elected NPC deput...; The Beijing News | 2010-10-26

PROPERTY TAX: Chongqing's Property Tax Could Target Large Apartments and Second Homes; A reporter with the 21st Business Herald learned from an anonymous source that the second property of Chongqing residents might be the subject of a yet-to-be-announced property tax. The report also suggests that residents with only one property with a floor area of over 200 square meters will also be subject to the proposed tax.; 21st Century Business Herald | 2010-10-26

CIVIL SERVICE: Who Wants to be a Civil Servant? Record Number of Applicants to Sit Civil Servic...; Online registration for this year's civil service examination closed at midnight on Sunday and the process of selecting which applicants are qualified to sit the exam for the position they expressed an interest in, will conclude at 6pm tonight. As of 1pm on Monday, a total of 1.36 million people had had their applications to sit the exam approved. The most popular position was a base-level positio...; The Beijing Times | 2010-10-26

TRANSPORT: Hangzhou-Shanghai High-speed Rail Connection Opens Today; The high-speed railway connecting Hangzhou and Shanghai begins operation today, shortening the travel time between the two cities to 45 minutes. With a maximum speed of 416.6 km per hour, the line is the fastest railway in the world.; China News Online | 2010-10-26

OIL: NDRC Announces that Fuel Prices Will Increase at Midnight; According to China Central Television (CCTV), the price of domestic refined oil will be raised as of midnight on October 26. The price of diesel and petrol will increase by 220 yuan and 230 yuan a ton respectively. This equates to an increase of approximately 0.18 yuan and 0.16 yuan per liter at the pump. This is the first price adjustment since June 1 this year when prices were reduced by a simil...; 21st Century Business Herald | 2010-10-25

REAL ESTATE: Beijing Real Estate Developers to be Prohibited From Directly Receiving Advance ...; As of December 1, all advance payments for commercial apartments in Beijing will be required to be put in to a special, monitored account that will primarily be used to fund the construction of the project and property developers will be prohibited from directly receiving or depositing funds raised through advanced sales. The conditions appear in the "Interim Measures for the Supervision and Manag...; China News Online | 2010-10-25

INTERNATIONAL RELATIONS: Geithner Meets with Wang Qishan in Qingdao; Tim Geithner, US Treasury Secretary rushed to Qingdao yesterday to meet with Wang Qishan, special representative of Hu Jintao and vice premier of China’s State Council. The two discussed preparations for the G20 Seoul Summit.; Chengdu Evening Post | 2010-10-25

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Quota System May Alleviate the Bottleneck of New Energy Resources: The high speed development of new energy has caused a network bottleneck, yet there is hope that the establishment of a power quota can alleviate the problem.; Source:Economic Observer Online

Beijing Police Arrest Blast Suspect: On October 27th, Beijing police arrested Lei Sen, a man suspected of setting off the explosion in Dongzhimen last week.; Source:The Beijing News

BOOK REVIEW: October Issue of EO's Book Review; A Chinese translation of the Durants' The Story of Civilization, Mr Playboy and interview ...