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

LAW: New State Secrets Law Defines Three Types of Secrets; A New State Secrets Law has been drafted in China which divides national secrets into absolute secrets which can remain secret up to 30 years, confidential secrets with a 20 year term and common secrets with a term of 10 years. According to the new law, only ministerial or provincial agencies are allowed to define an "absolute secret". Although this new law ends China's previous ability to arbitra...; China News | 2010-04-30

ENERGY: Sinopec and PetroChina Earn a Total of 48.3 Billion Yuan in the First Quarter; Sinopec and PetroChina have earned profits of 32.5 billion yuan and 15.8 billion yuan in the first quarter of this year respectively, an increase of 71% and 40% from the same period last year. This increase is due to the increased fuel demand at home, the increased cost of fuel in international market and China's policy of readjusting fuel prices, the first quarter reports of the two oil giants sh...; The Beijing News | 2010-04-30

LAW: State Compensation Law Revised; The 14th meeting of the Standing Committee of the 11th NPC which concluded yesterday revised the State Compensation Law; it now requires governmental agencies to prove their innocence when accused of killing or injuring people in detainment. People in detainment who are hurt or tortured will get compensation from the government; mental damage caused by the government or civil servants will also be...; The Beijing News | 2010-04-30

RESOURCES: CISA to Allow Chinese Steel Mills to Purchase Iron Ore at a "Provisional Price" ...; Yesterday at the second China Iron and Steel Association (CISA) press briefing for 2010, Luo Bingsheng, executive vice-chairman of the association, informed the media that CISA is still in negotiations with the three global mining giants that dominate iron ore trade and that negotiations had not been broken off. He went on to say that he understood and approved of many steel companies currently bu...; The Beijing News | 2010-04-29

STATISTICS: Salaries of Private Employees to be Included in National Wage Statistics; The National Bureau of Statistics (NBS) is now negotiating with related ministries on including the average salaries of private enterprises in the national statistics system, Feng Nailin, director of NBS's Population Department said in an interview yesterday. In the past, average wage statistics released by the NBS, which excluded the income of private enterprise employees, were suspected of being...; China Securities Journal | 2010-04-29

HOUSING: Migrant Workers to be Given Access to Affordable Housing Programs; Migrant workers across the country will be provided with access to affordable housing programs and public rental apartments will also be constructed for migrant workers, according to Yang Zhimin, vice minister of Social Security and Urban-Rural Development. He also said, that the ministry would move to standardize dormitories provided for migrant workers working in construction sites across the co...; The Beijing News | 2010-04-29

ENVIRONMENT: 83.3 Billion Yuan to be Spent on Reducing Carbon Emissions; The central government will invest 83.3 billion yuan in tackling pollution and reducing carbon emissions over the remaining eight months of this year according to reports of a meeting of the Standing Committee of China's State Council yesterday. The move is a bid to ensure that average energy consumption per unit of GDP will be reduced by 20% when compared to 2005. Over the past four years, the av...; National Business Daily | 2010-04-29

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Focus on the New Generation of Migrant Workers: Attention has been drawn to the plight of the new generation of migrant workers.; Source:The Economic Observer

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