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

TRANSPORT: Over 400 Boeing 737 Aircraft Operating in China Have Safety Problems; Over 400 Boeing 737 airplanes operating on the mainland have problems with their wing elevator control apparatus. The Civil Aviation Administration of China issued a directive on March 15, requiring domestic airlines to inspect the control apparatus in their fleet. A worker for Boeing China told media that the company has informed its clients of the potential safety problem.SourceChina Business Da...; China Business Daily | 2010-03-18

TRADE: Ministry of Commerce to Provide Support to Chinese Steel Makers in Iron Ore Nego...; The Ministry of Commerce (MOC), along with the Ministry of Industry and Information Technology, pledged to provide support to Chinese steel companies in their negotiations over the contract price of iron ore with international mining giants, at a regular press briefing held yesterday. Spokesman Yao Jian went on to say that he hoped that the system of long-term contracts would continue.; China Business Times | 2010-03-17

CURRENCY: Ministry of Commerce: Trade Surplus With US No Reason To Allow RMB to Appreciate; In reply to a question about the possible revaluation of the Chinese currency at a regular press briefing, Yao Jian, Spokesman for the Ministry of Commerce, said that just because China had a postive balance of trade with the US, this was not an argument for allowing the RMB to appreciate against the US dollar. He speculated that the recent increase in pressure to revalue the currency from America...; Southern Weekly | 2010-03-17

PROPERTY: Funds Raised from Residential Land Transfers in Beijing Exceed Half of 2009 Tota...; Beijing's residential land transfer funds, the money the municipal government earns buy leasing development rights to property developers for residential housing, has already exceeded 35 billion yuan this year, over half the total amount collected last year, when 70 billion of the total 93 billion funds raised via land sales were made from the transfer of land rights to residential developers.; The Beijing News | 2010-03-17

INFLATION: Over Half of China's Urban Residents Consider Current Prices "Hard to Accept"; 51 percent of the urban residents who took part in a People's Bank of China survey in the first quarter of 2010, consider current prices as "high and hard to accept." The proportion of respondents who consider prices are too expensive, is the highest registered since 1999. The survey also revealed that over 70 percent of the urban residents feel that current housing prices as "too high and difficu...; The Beijing News | 2010-03-17

FISCAL BUDGET: China's Fiscal Revenue Rose 32.9% in the First Two Months of 2010; China collected 1.36 trillion yuan in national fiscal revenue in the first two months of this year, a year-on-year increase of 32.9 percent or 336.3 billion yuan.; Xinhua News Agency | 2010-03-16

HOUSING: Statistics Reveal Continued Growth of Beijing Housing Prices; The Beijing Municipal Bureau of Statistics yesterday published statistics on housing price movements over the first two months of this year. The statistics reveal that the average price for yet-to-be completed commercial residential properties within Beijing's fourth ring road has climbed to 31,220 yuan per square meter and that for yet-to-be-completed commercial residential properties beyond the ...; The Beijing News | 2010-03-16

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Shanxi Immunization Scandal Pits State-owned Media Against Local Gover...: Allegations of children dying or becoming ill due to receiving poor quality vaccines in addition to accusations of corruption outlined in a newspaper report have snowballed to become the latest in a s...; Source:China Economic Times

Rio Tinto Four to Plead Guilty to Accepting a Total of 80 Million Yuan...: According to a lawyer acting on behalf of one of the four accused Rio Tinto employees, all four defendants will plead guilty to bribery charges.; Source:Economic Observer

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...