Highlights from the September 3, 2007 issue of The Economic Observer, No. 331 

NEWS

Editorial  
Cover 
On August 30, the draft of the Antitrust Law passed the Standing Committee of the National People's Congress. Our editorial staff weighs in on the implications of this historic law. 
Original article: [Chinese]

China Construction Bank, PetroChina File for A-market listing
Cover 
The China Construction Bank and PetroChina have submitted materials for their A-market listing to China's top securities regulator, the China Securities Regulatory Commission. Market observers say that the financial industry occupies over 32 percent of the stock market's value, making it already vulnerable to shocks in the industry. As a result the CSRC may be more inclined to approve PetroChina first as part of a risk-diversification strategy.
Original article: [Chinese] 

New Finance Minister Takes Reigns 
Cover 
On August 30^th, the Standing Committee of the National People's Congress appointed Xie Xuren as the new head in the Ministry of Finance. This is his second time at the Ministry of Finance-- previously worked his way up to a vice-minister from 1990 to 1998. From 2003 onward he was the head of the State Tax Bureau, where he was known for keeping a low profile but being heavily involved in grass-roots projects. The appointment comes after five Ministries saw their chiefs step down six weeks before a major meeting of the Communist Party. 
Original article: [Chinese]  

China's Economy: The Three Excesses 
Page 3 
On August 29, Ma Kai, chairman of the Development and Reform Commission, presented on China's economy to the Standing Committee of the National People's Congress, where he put emphasis on the so-called 三過 or “three excesses”. These include growth in investment, loans, and the trade surplus. Issues raised included whether or not government construction projects were contributing to the “three excesses”, the possibility that financial and real estate bubbles could reinforce each other, and flaws in government policy aimed at cooling the real estate sector. 
Original article: [Chinese]