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

DEFICIT: China's Central Government Budget Deficit for 2009: 750 Billion Yuan; When reporting the central government's final budget to the Standing Committee of National People's Congress yesterday, Xie Xuren, Minister of Finance revealed that the central government's deficit for 2009 was 750 billion yuan.; Xinhua News Agency | 2010-06-24

AUDIT: 1.4 Billion Yuan of Central Government Spending Break Government Procurement Rul...; During an address to the standing committee of National People's Congress yesterday, Liu Jiayi, chief auditor of National Audit Office, noted that 19 central government departments were found not to strictly comply with government procurement regulations when it came to the purchase of office supplies. The chief auditor said 1.4 billion yuan had been spent in ways that did not meet official requir...; People's Daily Online | 2010-06-24

AUDIT: Audit of Local Government Debts Released by Top Auditor; China's National Audit Office yesterday released the results of an audit into the debt problems of 18 provinces, 16 cities and 36 counties. The report reveals that government debt in these areas at the end of 2009 had reached a total of 2.79 trillion yuan.; The Beijing News | 2010-06-24

SECURITY: Major Terrorism Plot Foiled in China; The Ministry of Public Security plans to hold a press conference at 10am tomorrow at which they will reveal more information about the uncovering of a major terrorism plot, according to an announcement that appeared on the ministry's website.; Southern Daily | 2010-06-23

CURRENCY: Renminbi Settlement Program Expanded to 20 Provinces; The Chinese government has decided to expand the area covered by it's pilot program for allowing cross border trade to be settled in RMB. Originally the program applied to Shanghai and four other cities in Guangdong Province but it has now been extended so that it applies to a total of 20 provinces and municipalities directly under the control of the central government. Companies, no matter where ...; The 21 Century Business Herald | 2010-06-23

TRADE: China Removes Export Rebate from Some Steel Products; According to the website of the Ministry of Finance, as of July 15, the Chinese government will remove export rebates from certain products. The rebates will no longer apply to some rolled steel products, nonferrous metal processed materials, alcohol, corn starch, some pesticides, medicines, chemical products, some plastic and related products, rubber and rubber products, and glass and glass produ...; China Securities Journal | 2010-06-23

FLOOD: 100,000 People Trapped by Floods in Jiangxi; After heavy rains over recent days, the Fu River (抚河), the second largest river in Jiangxi Province, burst its banks at about 6.30pm last night, causing the 100,000 residents of the surrounding four towns to be trapped by the flood waters. Meanwhile, it's predicted that more heavy rains will hit the area from June 24.; People | 2010-06-23

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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...