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

POWER: China's Power Consumption Exceeds 4 billion Megawatt-hours in 2010; Chinese power consumption grew by an average of over 11 percent per annum over the past five years, according to figures released by the China Electricity Council (CEC) on Feb 9. According to the CEC figures, power consumption for 2010 exceeded 4.19 billion megawatt-hours.; China News Service | 2011-02-10

FUEL: Wholesale Fuel Prices Rise in Some Areas of China; Wholesale fuel prices in various Chinese cities, including Beijing, surged yesterday, with prices rising by between 20 and 150 yuan per ton. The rise in wholesale prices has further strengthened predictions by some analysts that the National Development and Reform Commission will move to lift fuel prices in the near future.; The Beijing News | 2011-02-10

HEALTH: Provincial-level Health Bureaus to be Given Authority to Approve Sino-Foreign JV...; China will allow provincial-level health bureaus to approve Sino-foreign joint ventures in the domestic health care sector, according to an anonymous source at the Ministry of Health. Up until now, only the Ministry itself had the authority to approve such joint ventures.; China News Service | 2011-02-10

INTEREST RATES: Central Bank Raises Interest Rates; Effective today, the People's Bank of China raised its benchmark one-year deposit and lending rates by 25 basis points to 3% and 6.06%, respectively. This is the first interest rate increase in 2011 and the third since 2010.; Xinhua News Agency | 2011-02-09

LOW-CARBON: 5 Provinces, 8 Cities to Pilot Low-Carbon Development Models in 12th Five-Year P...; The National Development and Reform Commission (NDRC) is requiring five provinces and eight cities to include low-carbon development models in their regional 12th Five-year plans. The NDRC also stated that it is waiting to approve project plans, a reporter from the China Securities Journal learned on February 8.; China Securities Journal | 2011-02-09

HEALTH: Four H1N1 Deaths in Beijing in 2011; According to statistics released by the Beijing Health Bureau on February 8, 11 people in Beijing were infected with the H1N1 virus during the Spring Festival period. There have been 195 infections and four deaths from the H1N1 flu in Beijing in 2011.; Southern Daily | 2011-02-09

DROUGHTS: Drought Victims to Receive Subsidies of 1.2 Billion Yuan; To cope with droughts in northern China, the State Office of Flood Control and Drought Relief Headquarters will ensure daily water supply for residents in six Northern provinces, provide drought victims with 1.2 billion yuan in subsidies, and accelerate the construction of water conservancy projects.; Oriental Morning Post | 2011-02-09

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Chinese Cities Turn to GPS Technology to Limit Personal Use of Governm...: A county in Zhejiang has begun to install GPS in official cars in order to monitor their use and prevent abuse; Source:People's Daily

Carrefour, Walmart Pricing Scandal: Last month, the NDRC fined Carrefour stores for overcharging customers, but the problem still persists...; Source:National Development and Reform Commission

INTERVIEW: Interview with Prof. Carmen M. Reinhart, Senior Fe...; Up Next for Advanced Economies: Fiscal Crisis