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

STATE-OWNED ENTERPRISES: SASAC to Pressure COE to be more Transparent; The State-owned Assets Supervision and Administration Commission, the central government body charged with regulating China's large centrally-controlled state-owned enterprises(COE), replied to a National Audit Office report published on Friday revealing details of financial irregularities at some of the country's largest state-owned companies, by pledging to improve management of the country's CO...; The Beijing News | 2011-05-23

TRANSPARENCY: 10 Government Departments Yet to Publish Budget; 88 of China's 98 central government departments had published their budgets as of May 20, the Ministry of Finance announced on Saturday, an increase on the 75 departments that published budget figures last year. The publication of budgets by some departments has also been more detailed this year, the Ministry of Finance acknowledged. The ministry also revealed that all central government departmen...; Securities Daily | 2011-05-23

INVESTMENT: Plan to Allow Shanghai Residents to Invest Abroad; A vice director of the Shanghai Municipal Government's Financial Service Office, told attendees at this past weekend's Liujiazui Forum that according to a proposal submitted to the State Council last year, individual investors might soon be permitted to make overseas investments in property, enterprises and immigration-related investments. The proposal would allow the investments to be made in for...; Guangzhou Daily | 2011-05-23

TAX: Personal Income Tax Will Not be Altered According to Region; At the Liujiazui Forum held in Shanghai over the weeked, Cong Ming, director of the Tax Policy and Legislation Department of the State Administration of Taxation (SAT), told attendees that China's tax bureau was not considering any plan to levy personal income tax at variable levels in different parts of the country. Draft amendements to the personal income tax law that were expected to be passed ...; China Securities Journal | 2011-05-23

ADVERTISING: Outdoor Billboards Removed in Urumqi; In preperation for the upcoming China-Asia-Europe Exposition which is to be held in Urumqi this September, the Urumqi Administrative Law Enforcement Bureau issued an announcement on May 11 ordering advertising agencies to dismantle any outdoor billboards that are considered to have a negative impact on the city's image before a set deadline. The take-down notice even applies to those billboards th...; China Youth Online | 2011-05-20

POWER: State Grid Denies Charges of Squeezing Profits at Power Plants; Shu Yinbiao, deputy director of the State Grid Cooperation of China, said at a conference yesterday that the current power shortages are mainly due to the gap between supply and demand, denying suggestions that State Grid may have earned excessive profits by charging energy producers too much in transmission fees. According to Shu, the company's profits of 40 billion yuan in 2010, were not that mu...; Beijing Times | 2011-05-20

TAX: Beijing May Introduce Property Tax Reform in Second Half of 2011; After pilot property tax programs were launched in Shanghai and Chongqing in earlier this year, rumors now suggest that Beijing could be the next city to introduce a property tax as soon as the second half of this year. Insiders say that the city's government is considering introducing a property tax in order limit demand for high-end housing and contribute to the stable development of the city's ...; China Securities Journal | 2011-05-20

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Foxconn Employee Commits Suicide at Chengdu Plant: Domestic media are reporting that an employee at Foxconn's Chengdu assembly plant leaped to his death in the early hours of this morning; Source:21st Century Business Herald

Police Deny Rumors that Baotou Billionaire Faked Own Death: Police in Baotou, a city in Inner Mongolia, have officially denied rumors that a local entreprenuer faked his own death last month; Source:China News Agency

INTERVIEW: Interview with Zhang Yong: The Secret of Haidilao'...; The manager of the succesful hotpot chain talks about how he grew his business from a smal...