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

: Chinese CRH Train Breaks World Record with Speed of 486.1 KM/H; On December 3, during a test run of the Beijing-Shanghai Express Railway, the Chinese made new generation high speed train, CRH380A, reached a maximum speed of 486.1 Kilometers per hour, breaking the record previously held by China.; Chinanews | 2010-12-03

INFLATION: Cooking Oil Producers Asked Not to Raise Prices; The National Development and Reform Commission (NDRC) now requires producers of cooking oil, including COFCO, Yihai Kerry, Chinatex, Jiusan Grain and Oil Group, to refrain from raising the price of cooking oil by selling their product in smaller packages for next four months.; The Beijing Times | 2010-12-03

TRANSPARENCY: Three Fourths of China's Charity Organizations Lack Transparency; Around 75% of China's charity organizations are unwilling to release information to the public, according to a report conducted by an agency under the Ministry of Civil Affairs. The report claims that details regarding financial audits and personnel placement are the most difficult to obtain for public release.; 21st Century Business Herald | 2010-12-03

OIL: Oil Prices to be Adjusted Automatically Every 10 Days; A reporter with the Beijing Times learned from an anonymous source that the proposed new pricing mechanism of refined oil will shorten the adjustment term from 22 days to around 10 days. The adjustment will take place automatically, without preapproval by the government. This proposal has been reported to the State Council.; The Beijing Times | 2010-12-03

TELECOMMUNICATIONS: China Unicom Urged to "Improve Service Agreement" for iPhone; China Unicom, the official partner of the iPhone in China, recently began issuing sales contracts that bind the iPhone with its own SIM card. The company also threatened to stop service to customers using a SIM card from a different provider with the iPhone. In response, the Ministry of Industry and Information Technology has urged China Unicom to "sincerely respect and protect consumers' interest...; Beijing Business News | 2010-12-03

TELECOMMUNICATIONS: Industrial Bank and China Unicom to Cooperate on Mobile Payment Services; Industrial Bank has signed an agreement with China Unicom to increase cooperation on basic communication, financial services, mobile internet applications, combined innovation and marketing. Industrial Bank says in a statement that the two sides will cooperate on mobile payment, mobile banking, mobile commerce and other value added services. IResearch predicts that the value of China’s mobile paym...; Caixin Online | 2010-12-02

CRIME: Local Police Admits Wrongdoing; The CPC Committee of Wuzhong City in Ningxia Hui Autonomous Region told Xinhua News that it has released Wang Peng, a young man arrested without cause by the local police. Wang Peng had anonymously accused classmate Ma Jingjing of cheating during the civil service exams and was wrongfully prosecuted for defamation. The deputy director of the Wuzhong City Public Security Bureau has been removed fro...; The Beijing News | 2010-12-02

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Chongqing, Shanghai to Pilot Property Tax Next Year: A reporter with the Economic Observer has learned from an anonymous source that the central government will begin piloting the property tax at the beginning of next year.; Source:Economic Observer Online

NBS Publishes CPI Calculation Process: The National Bureau of Statistics (NBS) published an article on its website Tuesday explaining how CPI is surveyed and produced in China.; Source:The Beijing News

INTERVIEW: Interview with Artur Runge-Metzger; The EO conducted an interview with Artur Runge-Metzger about the progress of the conferenc...