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

TRANSPARENCY: Guangdong Province Publish Budget Documents for First Time; Following the central government's lead, Guangdong Provincial Finance Bureau recently released nine documents on the province's budget implementation in 2009 and budget reports for 2010 on its website for the first time. However, experts said these documents were too simple to allow for any meaningful interpretation.; Southern Daily | 2010-03-30

WORK SAFETY: 153 Trapped Underground in Colliery Flooding in Shanxi Province; 153 people were trapped underground after an accident at an under-construction coal mine in North China's Shanxi province, according to officials from the rescue headquarters that has been set up at the site. Investigations reveal that 261 workers were working below ground at the Wangjialing Coal Mine when water gushed in at about 1.40 pm on March 28. Of those working belwo ground, 108 were lifted...; Xinhua News Agency | 2010-03-30

RIO TINTO TRIAL: Rio Tinto Employees Sentenced to Between 7 and 14 years Prison; Shanghai No.1 Intermediate People's Court sentenced the four Rio Tinto's four employees charged with taking bribery and obtaining business secrets to prison terms ranging from 7 to 14 years at about 3pm this afternoon. Australian citizen Stern Hu was sentenced to ten years in jail, along with a fine of 500,000 yuan and confiscation of his personal property valued at 500,000 yuan. Wang Yong was sen...; Xinhua News Agency | 2010-03-29

POLICY: Zhou Xiaochuan Discusses Exit from Stimulus Policy Settings; While attending the annual meeting of the Inter-American Development Bank, Zhou Xiaochuan, governor of People's Bank of China, revealed that if the economic recovery was assured and there was no chance of a second dip, China would gradually begin to exit from some of the stimulus measures it enacted to deal with the financial crisis.; Shanghai Securities News | 2010-03-26

BANKING: Rumors: Top Goldman Partner May Go to PBoC; Media reports suggested that Fred Hu, former managing director of Goldman Sachs (Asia), may be appointed as the vice-governor of the People's Bank of China (PBOC) and take charge of foreign exchange management. The PBoC declined to comment.; The Economic Observer | 2010-03-26

RESOURCES: PetroChina Earned over 100 Billion Yuan of Net Profits in 2009; PetroChina, China's largest oil producer and supplier, yesterday released its financial report for 2009, showing that it earned 103.3 billion yuan of net profits in 2009. The figure marked a 9.7 percent drop from the profits registered in 2008.; The Beijing News | 2010-03-26

TRANSPARENCY: Ministry of Finance Releases Additional Budget Documents for First Time; China's Ministry of Finance yesterday published twelve tables from the country's central budget for 2010. Aside from four of the budget documents that are usually published every year - those detailing the total revenue and expenditure of the central government, the spending of central ministries and commissions, annual tax revenue and the amount of funds transferred to local governments, which ar...; The Beijing News | 2010-03-26

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50 Beijing Villages to be Torn Down: Beijing plans to transform 50 key villages this year, according to statements made by the Beijing Planning Committee; Source:Beijing News

Stock Index Future Exchange to Begin Trading on April 16: After years of mock trading, the China Financial Futures Exchange (CFFEX) will finally begin business in earnest on April 16.; Source:China Financial Futures Exchange

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...