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

REAL ESTATE: CBRC Clarifies Definition of Second-Home Buyer; Individuals who already own a house, either in their own name of under that of their spouse or children, will be considered second-home buyers no matter if they have applied for a mortgage in the past or not, according to Yang Jiacai, director of the China Banking Regulatory Commission's banking supervision department. In the past, only individuals who applied for a second mortgage were considered...; Beijing Youth Daily | 2010-04-23

FINANCE: China Central Bank to Issue 90 Billion Yuan of Bank Notes; The People's Bank of China, the country's central bank, yesterday announced that it would start to issue 3-year bank notes worth 90 billion yuan from April 22. The announcement followed the issuing of 15 billion yuan worth of 3-year bonds two weeks ago. The PBoC will also issue 3-month bonds worth 23 billion yuan from April 22, following the attempted sale of 75 billion yuan of similar bonds on Ap...; Information Times | 2010-04-22

REAL ESTATE: Trading of New Beijing Properties Dropped 40%; According to statistics from the official Beijing Municipal Management of Real Estate Trading website, 483 newly-completed residential properties were traded on April 15th, this declined to a total of 291 properties on April 20th, a drop of 40 percent over six days. China's State Council announced new measures that would limit availability of credit to certain classes of home buyers on April 17.So...; The Beijing News | 2010-04-22

HOUSING AFFORDABILITY: House Price to Income Ratio Exceeds 50 in Beijing; Wang Jun, a researcher at the China Center for International Economic Exchanges (CCIEE), a government think-tank that works under the supervision of the NDRC, said the ratio of the median price of housing to average income in China is more than 15. In large cities like Beijing, Shanghai and Guangzhou, the indicator has exceeded over 50 and a serious housing bubble exists in these ci...; China News Service | 2010-04-22

WORK SAFETY: 7 Dead After Copper Mine Blast in Central China; A copper mine blast in Henan's Tanghe county on April 21 has killed seven mine workers, according to the local county government. Fourteen workers were working underground when the blast occurred.; Xinhua News Agency | 2010-04-22

ECONOMY: Income Distribution is a Big Problem; Income distribution among Chinese citizens is a big problem concerning the shift of China's economic development model, economic restructuring and China's ablility to maintain sustainable development, according to an article on the website of the National Bureau of Statistics. It says, the attempts to readjust and reform income distribution have been futile the past several years.; China News | 2010-04-21

HEALTH CARE: Over 60% of Hospital Accommodation Fee Covered by Social Security; Individuals covered by Medical Insurance for Urban Residents or the New Rural Cooperative Medical System will be able to have over 60 percent of their hospital accommodation fee paid by the government, according to a notice released on a Chinese government website.; Economic Observer Online | 2010-04-21

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Billionaire Gome Founder on Trial: Huang Guangyu, one of China's wealthiest individuals, is standing trial on charges of insider trading, illegal business dealings and bribery.; Source:Economic Observer

Life Sentence for Two Developers Responsible for Shanghai Building Col...: Two property developers responsible for the collapse of a Shanghai apartment building last year, were sentenced to life in prison yesterday.; Source:Xinmin Daily

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...