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

PROPERTY: New Restrictions for Property Buyers in Beijing; Families without a Beijing Hukou will be required to provide five years of personal income tax and insurance receipts in order to buy a house in Beijing. The city government says the new regulations are aimed at curbing speculation. Beijing is now the fifth city, following Shanghai, Qingdao, Jinan and Chengdu, to issue municipal policies aimed at controlling property prices.; Shanghai Securities Journal | 2011-02-17

RARE EARTH: State Council Releases Roadmap for Rare Earth Sector; The State Council has stated in its executive meeting that it will work to promote the healthy development of the rare earth sector in five years. Plans include establishing a system of supervision and management for the rare earth sector, inspecting illegal conduct, accelerating mergers, and promoting relevant scientific research.; Shanghai Securities Journal | 2011-02-17

DISMISS: Ministry of Commerce Dismisses Guo Jingyi; The Ministry of Commerce has announced the dismissal of Guo Jingyi, the former inspector of contracts in the law department. Guo has been accused of receiving bribes. Rong Min, former deputy director of the department of law and trade, has also been dismissed.; The Beijing Times | 2011-02-17

ADMINISTRATIVE: Sanya Claims Compensating Slum Residents is "Risky"; The government of the coastal city of Sanya has demolished the city's largest slum, claiming that the slum was a fire hazard, caused pollution, and was difficult to manage. The Administrative Bureau of Sanya has stated that giving compensation to the local residents is "risky," and will only bring about future disputes.; The Beijing News | 2011-02-16

COURT: Supreme People's Court Set Up Risk Evaluation System for Big Cases; The Supreme People's Court released a notice claiming it will establish a risk evaluation system for large, sensitive cases. The cases will be those related to social stability and difficult to evaluate under existing laws. A detailed risk evaluation project is currently underway.; The Beijing News | 2011-02-16

POLICIES: Beijing to Strengthen Management of Property Sector Tax Revenues; The Beijing government approved a local version of policies issued by the State Council regarding speculation in the property market. These policies will impose stricter regulations on tax revenue for the property sector, and will impose varying interest rate policies on specific home buyers.SourceChina Securities Journal Google Translation; China Securities Journal | 2011-02-16

INTEREST RATES: China Merchant Bank Denies Pilot Program for Deposit Rate Liberalization; The China Merchant Bank and the Bank of Beijing have denied rumors that commercial lenders have been free to set market-based interest rates for certain deposits in the past two months. Lu Lei, the Deputy Dean of Guangdong Financial College has stated that the liberalization of deposit rates will be achieved during the 12th Five-Year Plan period.; 21st Business Herald | 2011-02-16

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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