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

BANKING: Chairman of Shenzhen Development Bank Paid 17.41 Million Yuan Last Year; According to Shenzhen Development Bank's (SDB) annual report for 2009, net profits for the bank reached more than 5 billion yuan. Bank Chairman Frank Newman continues to rank as the most highly paid of China's bankers with a reported annual income of 17.41 million yuan last year.; The Beijing News | 2010-03-12

CURRENCY: RMB to US Dollar Exchange Rate Reaches Nine-month High; Yesterday, the exchange rate of the US dollar to the RMB rose to 6.8263, the highest rate since May 25, 2009. The exchange rate of the RMB has remained basically pegged to the dollar since July 2008.; The Beijing News | 2010-03-12

HOUSING: Housing Prices Up 10.7% in February; The average price of housing in 70 of China's large- and medium-sized cities rose by 10.7% in February compared with the same period last year, a growth rate 1.2 percentage points higher than the 9.5 percent growht registered in January. Prices of newly-constructed homes were up 13.0 percent according to statistics released by the National Bureau of Statistics earlier today.; Xinhua News Agency | 2010-03-11

BANKING: Subsidiary of China Mobile Becomes Second Largest Shareholder of Shanghai Pudong...; Guangdong Mobile, a subsidiary of China Mobile, has bought 2.208 billion A shares off the Shanghai Pudong Development Bank (SPDB) at a price of 18.03 yuan per share. This means that Guangdong Mobile is now SPDB's second biggest shareholder.; China Financial Information | 2010-03-11

GOVERNANCE: NPC to Make Ministerial Budgets Public for First Time; The National People's Congress (NPC) will publish the budgets of all government departments under China's State Council passed at this year's NPC, Gao Qiang, vice director of the NPC Financial and Economic Committee and director of the NPC Standing Committee's Budgetary Work Committee, revealed at a press conference yesterday. The budgets will be posted to ministerial websites and available to the...; Beijing News | 2010-03-11

BANKING: New Lending Eased to 700 Billion Yuan in February; An authoritative source revealed to China Securities Journal that new loans issued in February eased to some 700 billion yuan, down from the January's 1.39 trillion yuan.; China Securities Journal | 2010-03-10

INFLATION: China's CPI Expected to Rise Over 2% in February; Several stock brokerage firms released research reports that predicted the country's consumer price index (CPI) for February, an important gauge for inflation, would rise over 2 percent from a year earlier. The official figure will be released on Thursday morning.; New Express Daily | 2010-03-10

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China's CPI Up 2.7% in February: China's CPI rose 2.7 percent in February from a year earlier.; Source:National Bureau of Statistics

NPC: Highlights of Government Work Report: The annual full session of China's National People's Congress (NPC), the country's top legislature, got under way in Beijing on Friday morning.; Source:NPC

YEAR-END SPECIAL: Year-end Special: China's Road to Recovery; A digital book tracing the economic developments that have shaped China over the past year...