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

BANKING: Four State-owned Banks Deny Halting Loans to Developers; Responding to a market rumor that China’s four largest state-owned banks have stopped issuing loans to property developers, the four banks all claimed that they have not been required to cease providing loans for property companies. They stated that the reason that the issuing of loans has been tightened is that they have almost used up their loan quotas for the year.; The Beijing News | 2010-11-16

FIRE ACCIDENT: Shanghai Fire Kills 53; The number of casualties in the fire which spread in a building located in central Shanghai has surged to 49 this morning. Meng Jianzhu, state councilor and minister of public security, has arrived in Shanghai and announced the formation of an investigation team to find out the cause of the accident.; Phoenix Online | 2010-11-16

INFLATION: NDRC Rumored to Tackle Inflation; An anonymous source told a reporter from the China Securities Journal that the National Development and Reform and Commission, as well as local governments would take new measures to rein in ongoing inflation. Measures might include price restrictions, the designation of mayors as responsible for local vegetable supply, subsidizing low-income families and punishing speculators.; China Securities Journal | 2010-11-16

AIRLINE INDUSTRY: China’s First Large Commercial Airliner Unveiled; China’s first large aircraft, the C919 large passenger airplane manufactured by the Commercial Aircraft Corporation of China Limited, was exhibited at the biannual China International Aviation and Aerospace Exhibition in Zhuhai, Guangdong yesterday. This is the first time China has unveiled the independently designed and manufactured airplane which will be used for short business trips.; China National Radio | 2010-11-16

STOCK MARKET: Shanghai Composite Index Rebounds to Above 3000; After a "gloomy Friday", the Shanghai Composite Index rose to above 3,000 points again during Monday's trading, closing at 3,014.41 points, up 0.97% on last Friday.; The Beijing News | 2010-11-15

INCOME: Public Servants Paid 10,000 More a Year than Others Working in Social Sector; Wu Jiang, dean of the Chinese Academy of Personnel Science, said that according to research, the average annual income of public servants in China is about 10,000 yuan a year higher than the wages paid to non-public service employees working in the social sector; the salary of employees working in private companies is even less.; The Beijing News | 2010-11-15

TRANSPORT: Beijing-Shanghai High Speed Railway Closer to Completion; The laying of tracks for the high-speed railway line that will connect Beijing and Shanghai was completed today. The new line is 1,318 kilometers long and will transport passengers from Beijing to Shanghai in under four hours.; CCTV Online | 2010-11-15

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New Blueprint for Promoting Xinjiang's Economy: The central government should ensure that Xinjiang locals will benefit from development, thus increasing Xinjiang's competitiveness.; Source:Economic Observer Online

Hospitals to Crack Down on Drug Company Kickbacks: UPDATE: Doctors from six Hangzhou hospitals have admitted that they have accepted gifts from Tairui Yiliao, a pharmaceutical company...; Source:Ministry of Health

INTERVIEW: Interview with Martin Wolf-FT Chief Economics Comm...; The EO sat down with Martin Wolf and discussed QE, the SDR, and where the international ec...