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

PRICE: NDRC Denies Rumors that Commission is Researching Electricity Price Adjustment; Recently, a media report claiming to be based on an interview with Li Jing, vice director of the Resource Conservation and Environmental Protection Department of the National Development and Reform Commission (NDRC), stated that the NDRC was conducting research into electricity price adjustments. The NDRC yesterday issued a statement yesterday saying that Li did not take part in any such interview...; China Times | 2010-06-22

LOAN: Chinese Banks to Audit Loans Flowing to "Dirty" and Energy-intensive Projects; The National Business Daily learned from China Banking Regulatory Commission (CBRC), that banks are being required to review the outstanding loans offered to energy-intensive and high-emission projects as well as to sites that rely on outdated facilities. Banks should submit their reports to the CBRC before the end of June this year.; National Business Daily | 2010-06-22

HOUSING: PBoC's Survey: 72% of Citizens Think Housing Prices Unaffordable; The People's Bank of China, China's central bank, yesterday released the results of a survey of urban depositors in 50 cities showing that 72.5 percent of respondents believe that present housing prices are overvalued and unaffordable.; Xinhua News Agency | 2010-06-18

DRUG: NDRC to Investigate Recent Surge in Drug Prices; China Youth Daily yesterday reported that the price of some drugs surged after the central government published a new catalog of basic drugs as part of reforms to the country's health system in late November last year. The National Development and Reform Commission has launched an investigation into the cost and pricing of the drugs in question.; The Beijing News | 2010-06-18

IPO: 282 New Companies Went Public in The Past Year; After a 9-month moratorium, initial public offerings resumed on Chinese domestic boards on June 29 last year. Since that date, 282 new companies have issued shares on China's A-share market, raising a total of nearly 400 billion yuan.; Shanghai Securities News | 2010-06-18

DEVELOPMENT: Chongqing Announces the Establishment of Special Development Zone; Chongqing municipality yesterday announced that the State Council has approved its plan to establish a special development zone named 'Liangjiang New Area', which is similar to the Tianjin Binhai New Area. An official said the areas establishment marks the beginning of a new round of development in western China.; Xinhua News Agency | 2010-06-18

BANKING: Banks Told to Stop Providing Credit to Local Governments Without Details of Spec...; To prevent potential credit risks, the China Banking Regulatory Commission has ordered financial institutions not to provide credit to local governments when no specific project is identified. Packaged loans are also being prohibited and local financing platforms with no real capital nor a complete management structure or risk management system will also have their access to loans severely limited...; China Securities Journal | 2010-06-17

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State Council Orders Local Governments to Review Debt of Financing Pla...: China's State Council recently issued a circular that requires local governments to make an overall review of the debts of their financing platforms.; Source:State Council

China's CPI Up 3.1% in May: China's CPI rose 3.1 percent in May from a year earlier, the NBS announced at a news briefing on Friday morning.; Source:National Bureau of Statistics

INTERVIEW WITH PASCAL LAMY: Economic Observer Exclusive: Interview with Direct...; We ask Pascal Lamy, the Director-General of the WTO, about the recently-released third Tra...