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

CURRENCY: People's Bank of China to Allow Domestic Firms to Use Yuan to Invest Abroad; China's central bank posted an official announcement on its website earlier this afternoon saying that to accompany the recent pilot program aimed at encouraging RMB cross-border settlement, to help domestic institutions expand their yuan-denominated direct investments abroad and to standardize banks handling of such investments, the People's Bank of China has released new rules that will allow do...; People's Bank of China | 2011-01-13

SOCIAL SECURITY: Female Migrant Workers Covered by Maternity Insurance; Starting this year, female workers of companies registered in Beijing without a Beijing hukou will be given access to maternity insurance. Migrant workers as well as foreigners working for Beijing companies will be covered by old-age insurance, according to the Beijing Social Security Bureau.; The Beijing News | 2011-01-13

SECURITY: Chongqing to Install Half a Million Security Cameras by 2013; The Chongqing government plans to install 500,000 security cameras in the city within the next three years. The new security system will automatically alert the police of robberies, muggings, and community intrusions.; Chongqing Evening Post | 2011-01-13

PROPERTY TAX: Shanghai Property Tax Proposal Reported to Central Government; The Shanghai government has reported their property tax proposal to the central government. This proposal will only cover families with an average per capita housing area of above 70 square meters and will not affect the property purchases of the middle class, said an anonymous source cited by People's Daily Online.; Oriental Morning Post | 2011-01-13

HUMAN RIGHTS: Director of Public Security Bureau Dies in Custody; Xie Zhigang, director of the public security bureau of Benxi City in Liaoning Province, was found dead a day after being interrogated by the local procurator. Xie's wife Wang Li claimed that her husband was tortured to death during the interrogation. Zhang Like, who accused Xie Zhigang of bribery, has committed suicide.; China Youth Online | 2011-01-13

STATISTICS: Chinese Automobiles Exceed 18 Million in Production and Sales in 2010; According to the China Association of Automobile Manufacturers, the production capacity of Chinese auto manufactures reached 18.3 million, a 32 percent year on year increase. Chinese auto sales reached 18.1 million in 2010, a 32 percent year on year increase.; Caixin Online | 2011-01-12

STATISTICS: Record Profits for State-owned Enterprises in 2010; According to the SASAC, China's COEs gained a combined profit of 800 billion yuan in 2010. Locally controlled state-owned enterprises gained 270 billion yuan in profits. SOEs under the control of national provinces, municipalities, and autonomous regions reported a net profit of 270 billion yuan and accumulated revenue of 8 trillion yuan, a 38 percent increase from the previous year.; Beijing Youth Online | 2011-01-12

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Beijing Government begins Project to Clear Out Underground Residents: The Beijing government plans to clear out the air raid shelters and cellars currently being used for low-rent housing under Dongcheng, Xicheng, Chaoyang and Fengtai districts.; Source:The Beijing Times

Geely, Foxconn Cooperate to Develop New Energy Vehicles: A reporter from the EO has learned that Geely Holding Group is negotiating with Foxconn to jointly develop electric cars, challenging BYD, China's leading manufacturer of battery-powered cars.; Source:Economic Observer Online

BOOK REVIEW: January 2011 Issue of EO's Book Review; Interviews with Zheng Yongnian and Bei Dao plus reviews of recent translations of Weber, C...