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

COMPENSATION: Supreme People's Procuratorate Lifts Compensation in Keeping with New Wage Figur...; The Office of Compensation of the Supreme People's Procuratorate announced yesterday that it had adjusted the standard rate at which compensation paid to citizens involved in compensation cases will be calculated, in line with the most recent average annual wage figures released by the National Bureau of Statistics. The procuratorate increased the daily payment by 16.9 yuan to 142.33 yuan per day....; Xinhua News Agency | 2011-05-05

TRANSPARENCY: State Council Tells Various Level of Government to Open Their Books; During an executive meeting of China's State Council chaired by premier Wen Jiabao yesterday, participants talked about the recent progress made in making government finances at various levels more transparent. A list of future plans including getting local governments to follow the lead of central government ministries and make public the amount of money they spend on the "three publics" - offici...; West China City Daily | 2011-05-05

SICHUAN: Sichuan GDP Up 15% in Q1; Sichuan's GDP increased by 15% to reach 425.76 billion yuan in the first quarter of 2011, according to data published by the Sichuan Provincial Development and Reform Commission yesterday. According to the data, fixed asset investment in large industrial enterprises (not including agricultural investment) increased by 22% in the first quarter and fiscal revenue also surged by over 40%. Provincial ...; Western China City Daily | 2011-05-04

WAGES: Urban Wages Up by Over 13% in 2010; According to a report issued by the National Bureau of Statistics yesterday, the average annual salary of urban employees of non-private work units and private companies have risen to 37,147 and 20,759 yuan respectively. This means that the pay of urban employees of non-private businesses increased by 14.1% year-on-year where as those of private comapnies increased by 13.5%. According to the repor...; Beijing Times | 2011-05-04

TAXI: Chongqing to Lift Taxi Fares; The Chongqing Municipal government has given local taxi companies permission to raise taxi fares, starting from May 5, although no public hearings have been held and no reports of the rise have appeared in the Chongqing press. Taxi drivers have simply been asked to go to the technical supervision department to have their meters "adjusted." According to an announcement posted at the offices of one ...; China Business News | 2011-05-04

COMPANY PROFITS: Average Net Profits of Listed Companies Up 37% in 2010; All of the 2,176 companies listed on either the Shenzhen or Shanghai stock exchanges have now submitted their annual reports for 2010, the reports include annual financial data. On average, the net profits of companies increased by 37.3% compared to the previous year, profits on individual shares increased to an historic high of 0.4988 per share, while the proportion of companies operating at a lo...; China Securities Journal | 2011-05-03

LAW: Many New Laws Came into Effect on May 1; A variety of new laws and regulations came into effect nationwide on May 1. The changes included the elimination of the death penalty for 13 non-violent economic crimes, an increase in the severity of punishment for those caught driving under the influence of alcohol, changes to the official names of various crimes, rules that prevent individuals that were caught cheating on exams from sitting the...; Xinhua News Agency | 2011-05-03

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Roundup of China's Major Economic Indicators for April: A roundup of economic data released by the NBS, People's Bank of China and Ministry of Finance; Source:National Bureau of Statistics

Former Shenzhen Mayor Sentenced to Death: Xu Zongheng was sentenced to death, with a two-year reprieve today on charges of accepting bribes; Source:Xinhua News Agency

OPINION: China's Challenge: Social Disorder; "We are the hungry family around the dinner table, gorging on peanuts and appetizers becau...