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

LAW: New Compensation Law Now in Effect; Premier Wen Jiabao signed the new National Compensation Law on January 17. The new law ends the government policy of collecting compensation payments for victims from parties guilty of bribery, embezzlement, and corruption and other crimes. The law is now in effect.; The Beijing News | 2011-01-21

POPULATION: Residents near Beijing's Temple of Heaven and Drum and Bell Tower to be Relocate...; Beijing residents who live near the Temple of Heaven and the Drum and Bell Tower will be relocated, and the population of Dongcheng District restricted to 650,000 by 2030, Yang Liuyin, party secretary of the CPC Dongcheng Committee, said yesterday. He went on to say that 10,000 people would be moved out of Dongcheng District every year for the next 20 years.; The Beijing News | 2011-01-21

LAND USE: Ministry of Land and Resources reports 53,000 Cases of Illegal Land Use in 2010; Investigators discovered 53,000 cases of illegal land use involving 418,000 mu (a unit of measurement equal to 675 square meters) of land. 28,000 cases have been dealt with. There is likely to be more cases of illegal land use this year, according to Li Jianqin, director of the department of law enforcement and supervision of the Ministry of Land and Resources.; China News Service | 2011-01-21

SOCIETY: Family of Deceased Village Leader Accepts 1.05 Milion Yuan as Compensation for "...; The family of Qian Yunhui, head of a village in Zhejiang Province who was recently killed in a traffic accident, accepted a 1.05 million yuan as compensation yesterday. In return, the family has signed an agreement ending their dispute with the local town government. The circumstances of the "accident" had aroused suspicions of murder.; Xinhua News Agency | 2011-01-21

BANKING: Bank Regulator Orders Loans Co-issued by Banks and Trust Companies Back on to th...; The China Banking Regulatory Commission (CBRC) has released a notice requiring commercial banks to ensure that loans co-issued by banks and trust companies be included on the balance sheets of the banks by the end of 2011. Additionally, it requires the amount owed on these kinds of loans to be reduced by at least 25% each quarter. Trust companies will be required to meet certain capital requirment...; Economic Observer Online | 2011-01-20

MINIMUM WAGE: Minimum Wage in Guangdong to Increase by 18.6 Percent; As of March 1st, minimum wage in Guangdong Province will be raised 18.6 percent from last year’s average. The minimum wage in Guangzhou City will be raised to 1,300 yuan per month.; Xinhua News Agency | 2011-01-20

LOANS: Bank Loans to Exceed One Trillion Yuan in January; An insider told a reporter at the 21st Century Business Herald that the China’s four largest state-owned banks will have given over 800 billion yuan in loans by January 19th. The central government originally set January loan targets at 300 billion yuan for the four state-owned banks. Total bank loans in January will exceed one trillion yuan.; 21st Century Business Herald | 2011-01-20

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Former Hilton Shareholder Peng Zhimin Stands Trial: The criminal trial of former Hilton Shareholder Peng Zhimin and 32 others began on January 24th in Chongqing's Municipal Court No. 1.; Source:Chongqing Evening Post

Ministry of Finance to Provide One-off Payments to Poor: The State Council has announced that a one-off cash payment of between 100 and 180 yuan will be paid to poor individuals; Source:State Council

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...