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

FINANCE: Ping An Insurance Acquisition of Shenzhen Development Bank Approved by CSRC; Ping An Insurance (Group), the world's second-biggest life insurer by market value, will gain a majority share of Shenzhen Development Bank (SDB) after a protracted two-year process of gradually acquiring larger stakes in the bank. The latest acquisition, which will increase Ping An's holding in SDB to more than 50%, was approved with conditions by China Securities Regulatory Commission (CSRC). Pi...; Southern Daily | 2011-05-13

HOUSING: NDRC To Get Tough on Implementing New Pricing Measures; After a series of measures aimed at ensuring transparency and clarity in the pricing of commercial housing, the National Development and Reform Commission (NDRC) issued another announcement yesterday requesting local departments carry out special inspections to ensure the new rules are being observed. Real estate companies that fail to correctly advertise the price of an apartment will be fined 5,...; Xinhua News Agency | 2011-05-13

: Central Bank Raises Required Reserve Ratio 0.5 Percentage Points; The People's Bank of China announced earlier this evening that it intends to lift the required reserve ratio (RRR) of deposit-oriented financial institutions by 0.5 percentage points as of May 18. This is the fifth time the central bank has lifted the required reserve ratio this year.; People | 2011-05-12

CORRUPTION: Former Deputy Mayor of Hangzhou Sentenced to Death; Ningbo Intermediate People's Court sentenced Xu Maiyong, the former deputy mayor of the Hangzhou, to death this afternoon after finding him guilty on charges of accepting bribes, corruption and abuse of power. Xu was also stripped of his political rights for life and his personal assets wer also seized. The court found that between May 1995 and Apr 2009, Xu Maiyong abused his various official posi...; China News Agency | 2011-05-12

HOME APPLIANCES: Central Government Cracks Down on False Claims in Home Appliance Subsidy Scheme; Ministry of Finance, Ministry of Commerce and Ministry of Industry and Information Technology jointly issued an announcement yesterday indicating their intention to crack down on rorts in relation to the policy of offering subsidies for home appliances sold in rural areas introduced as part of stimulus measures announced in late 2008. The new regulations require provincial-level finance bu...; The Beijing News | 2011-05-12

KUNGFU: Head of Chinese Fast Food Chain Arrested; Cai Dabiao, president of popular Chinese fast food restaurant Kungfu (Zhen Gongfu), was arrested by Guangzhou authorities along with 4 other suspects on April 22 on charges of suspected embezzlement, misappropriation of funds and other charges. Cai Dabiao had been on the run after Guangzhou police opened an investigation into suspected crimes in the management of the company on March 17.; Xin Kuai Bao | 2011-05-12

POWER: Power Outages in Hangzhou Effect Residential Areas; A number of residential areas in Hangzhou were effected by the first wave of power outages for this year on May 10 as temperatures in the southern city climbed to above 36 degrees celsius.; National Business Daily | 2011-05-12

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PetroChina's Refining Losses Said to have Expanded in April: The losses are linked to the Chinese government's decision to limit the rise in domestic fuel prices despite recent increases in the international price of oil.; Source:Economic Observer Online

State Council Holds Talks With Experts on GM Food: The State Council recently requested many well-known Chinese scholars to attend a hastily-arranged conference to discuss the commercialization of GM crops; Source:Economic Observer Online

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