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

HOUSING: Land Set Aside for Government Assisted Housing; The State Council has approved a Ministry of Land and Resources plan to increase the amount of new land made available for urban construction in in 81 cities scattered across China's 31 provinces by 16.7% over last year's quota. The total amount of land set aside for urban construction is set at over 34,400 hectares, with 81.1% of this land set aside for government-assisted housing - affordable ho...; Shanghai Securities Journal | 2009-08-14

MARKET: Shanghai Market Down; The Shanghai Composite Index dropped by 4.66% to close at just over 3100 points on August 12, the lowest that the index has reached in the past month. A total net outflow of 21.336 billion yuan exited both the Shanghai and Shenzhen exchanges on Wednesday with only real estate stocks remaining strong.; The Beijing News | 2009-08-14

RESOURCES: Jump in Crude Oil Imports; China imported 19.63 million tons of crude oil in July, a 42% jump on the amount imported in the previous month, the highest monthly growth rate achieved in the past five years. This is the fifth consecutive month that China crude oil imports have exceeded 16 million tons.; Lianhe Zaobao | 2009-08-14

LAW: Drink Drivers to Face Higher Insurance Premiums an...; The Ministry of Public Security revealed that drivers involved in accidents while driving under the influence may face higher insurance premiums and that their personal credit ratings may also be affected.SourceSouthern Metropolitan NewsGoogle Translation; Southern Metropolitan News | 2009-08-14

LAW: NDRC Seeks Public Opinion on Draft Anti-Monopoly P...; The National Development and Reform Commission began to seek public opinions on a set of draft regulations that attempt to crack down on monopoly pricing on Wednesday.; China Business News | 2009-08-14

TRADE: China Officially Arrests Rio Tinto Employees; Shanghai prosecutors have approved the arrest of four employees of the Anglo-Australian mining giant Rio Tinto Ltd. on charges of using improper means to obtain trade secrets and bribery.; Procuratorial Daily | 2009-08-12

INTERNATIONAL TRADE: Decline in Imports Slows in July; The amount of goods that China imports registered a year-on-year decline of 14.9% in July, dropping to 94.79 billion US dollars worth of good. However, the figure was 8.7% higher than that for June.; 21 Century Business Herald | 2009-08-12

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6.4-Magnitude Quake Rocks West China: A 6.4-magnitude earthquake struck China's western Qinghai province earlier this morning.; Source:China Earthquake Networks Center

End of an Era: China Wipes Crime of Speculation from the Books: China's top legislature is considerring removing outdated laws relating to the crime of speculation, a throwback to the days of China's planned economy, from the country's law books.; Source:National People

TAX: Taxing Times; China's tax bureau aims to collect an additional 100 billion in tax before the end of the ...