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

PROJECTS: National Audit Offices Reveals Irregular Bidding for 23 Airport Projects; A total of 359 contracts for various projects awarded by 23 airports across the country were found to involve irregularities in the bidding process, according to a report released by the National Audit Office yesterday. Almost 20% of the 1,817 contracts audited by the NAO at a total of 31 airports, were revealed to have problems.; The Beijing News | 2011-02-15

GOVERNOR: A New Governor for Jiangsu Province; Li Xueyong, former secretary of the CPC committee of the central Ministry of Science and Technology, was elected the governor of Jiangsu Province at the Fourth meeting of the general assembly of Jiangsu's 11th Provincial People's Congress.; China News Service | 2011-02-15

EXPORT: China's Trade Surplus in January Down by Over 50%; China's General Administration of Customs announced yesterday that China's exports rose by 37.7% year-on-year in January 2011 to 150.73 billion US dollars. Imports increased by 51% to 144.28 billion US dollars. The total trade volume in January was over 295 billion US dollars, an increase of 43.9% on the figure for last January. The monthly trade surplus was 6.45 billion US dollars, down 53.5% on ...; The Beijing News | 2011-02-15

INVESTMENT: State Council Announces Establishment of New System to Evaluate Foreign M&A Deal...; The State Council released a notice on Feb 12 announcing the introduction of new system to monitor and evaluate foreign mergers and acquisitions for any impact on China's national security. The announcement revealed details of how cross-border M&A activity in various industries including those involving military equipment, agricultural products, resources, energy, infrastructure, shipping services...; Shanghai Securities News | 2011-02-14

CORRUPTION: Liu Zhijun Removed from Position as Party Secretary of Ministry of Railways; Liu Zhijun, the Minister of Railways, was removed from his position as the ministry's CPC secretary on Feb 12 on suspicion of "severe disciplinary violations." Sheng Guangzu, the current head of the General Administration of Customs, has been appointed as the new CPC secretary for the Ministry of Railways.; Xinhua News Agency | 2011-02-14

PRICE: Sinopec Asked Staff to Praise Price Hikes in PR Fraud; Sinopec has been urging its employees to pose as neutral parties and publish opinions supporting price hikes on blogs and online forums. A Sinopec official confessed to the fraudulent PR campaign in an interview with a reporter from South Metropolis Daily.; Southern Metropolis Daily | 2011-02-14

MAGAZINE: Caijing Editor in Chief Resigns to Launch New Magazine; Sina reports that He Li (何力) will resign as editor in chief of Caijing (财经), an influential bi-weekly business magazine once edited by Hu Shuli, to launch his own monthly magazine. He Li wrote on his Sina microblog that he is recruiting staff for the new magazine and the first issue will be published in June.; Sina | 2011-02-14

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NBS Announces Overhaul of Property Price Index: The National Bureau of Statistics announced Wednesday morning that it will stop issuing its national index of property prices.; Source:The Beijing News