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

WATER PRICES: Water Prices on Way Up; Due to the increased cost of processing water, about thirteen cities in China have raised or intend to raise their water prices, pushing average water prices around the country up 4.7% from a year earlier.; Guangzhou Daily | 2009-07-28

CULTURE: China Approves Plan to Revitalize Cultural Industr...; The State Council has approved plans to promote the restructuring of China's cultural industry. The government will reduce restrictions on capital entry into various cultural sectors in order to draw more private investment into the industry.; National Business Daily | 2009-07-28

TAIWAN: Five Mainland Banks Apply to Open Branches in Taiw...; At least five mainland Chinese banks intend to open branches in Taiwan according to Ma Yunhua, President of China Merchant Bank.; Phoenix | 2009-07-28

IRON ORE: Iron Ore Negotiations Continuing; The 2009 international iron ore price negotiation are still continuing, Zhu Hongren, Spokesman of Ministry of Industry and Information Technology(MIIT) said in a press briefing. He refused totreveal any further information about Rio Tinto "spy gate."; Caijing | 2009-07-28

SHANGHAI: Shanghai's GDP up 5.6% in First Half; Due to a 23.5-percent drop in exports, first half GDP growth in Shanghai was the slowest it has been since 1992. The 5.6% growth figure was lower than the national average of 7.1 percent. In contrast, the city Guangzhou, which is also heavily export dependent, achieved 8.5% growth over the same period.; Oriental Morning Post | 2009-07-28

: Profit Slide at Central-owned Firms Eases; The slide in revenue and profits at the SOE controlled by the central goverment had been curbed, said Li Rongrong, director of SASAC. In the first half, central-owned firms achieved some 316 billion yuan in profit, down 26.2% from a year earlier. However, the decrease in the second quarter was 15.6% lower than that experienced in the first quarter.; The Beijing News | 2009-07-22

: Restructuring of Central-owned Firms Fast-tracked; By the end of 2010, the number of China's state-owned firms under the control of the central government will be reduced to between 80 and 100 in accordance with a circular on the readjustment of the arrangement of China's state-owned economy, issued by the State Council. This means that at least 36 of the existing centrally-controlled SOE will be divested over the coming 17 months.; Securities Journal | 2009-07-22

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6.4-Magnitude Quake Rocks West China: A 6.4-magnitude earthquake struck China's western Qinghai province earlier this morning.; Source:China Earthquake Networks Center

End of an Era: China Wipes Crime of Speculation from the Books: China's top legislature is considerring removing outdated laws relating to the crime of speculation, a throwback to the days of China's planned economy, from the country's law books.; Source:National People

TAX: Taxing Times; China's tax bureau aims to collect an additional 100 billion in tax before the end of the ...