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

POLLUTION: Shuanghui Under Investigation for Clenbuterol-tainted Pork; The Shuanghui Group, one of China's largest meat processors, is under investigation for selling clenbuterol-tainted pork to consumers. Shuanghui's subsidiary in Jiyuan City of Henan Province is under investigation by the Local Quality and technology Supervision Bureau, according to a report by National Business Daily.; National Business Daily | 2011-03-16

BONDS: China Sells U.S Bonds of ＄ 5.4 Billion in January; China has sold 5.4 billion US Dollars worth of US bonds in January, but remains largest holder of US bonds, according to a report released by the United States Treasury on Tuesday.; China Securities Journal | 2011-03-16

HOUSING: Housing Prices Show Signs of Decline; Recent measures by the Chinese government to curb speculative housing market and control housing prices have produced results. Housing prices in major Chinese cities like Beijing and Shanghai have showed signs of decline. Some property developers have voluntarily offered discounts for new projects, such as Sino-Ocean Property slashed its price up to 17% for the second phase of Bei Run Yuan project...; China Securities Journal | 2011-03-16

GOME: Gome Staff Accused of Embezzling Government Subsidies; A report by CCTV Online on March 15 claimed that Gome, China's leading home appliances chain store, had embezzled government subsidies aimed at stimulating consumption. Instead of channeling the subsidies to consumers via reduced product prices, or trade-in offers, the report claimed that Gome sales staff had tampered receipts and fabricating buyers' information to pocket the subsidies for themsel...; CCTV Online | 2011-03-16

PLAN: 12th Five-Year Plan Approved; The fourth plenary meeting of 11th National People's Congress (NPC) has approved the government working report and the 12th Five-Year Plan yesterday. The NPC announced that China will focus on accelerating a shift in economic development model, deepening reform and opening up, and ensuring and improving people's quality of life in the next five years.; Beijing Youth Daily | 2011-03-15

FEE: 34 Free of Charge Banking Services from July 1; From July 1, Chinese banks will no longer charge a fee for 34 types of personal banking services. Among the free of charge services are opening and closing accounts, making deposit, withdrawal, and transfer (except for debit card) at branches within the same city, etc. The new regulation is co-released by the China Banking Regulatory Commission, the Central Bank and the National Development and ...; Beijing Youth Daily | 2011-03-15

STATEMENT: Gome Claims Stability of Executive Structure; Gome, China's leading electrical appliances chain store, has issued a statement yesterday, claiming the company's management structure as "very stable". This is the first time Gome made a public announcement after its former board chairman, Chen Xiao, resigned. Rumors have it that there would be further personnel changes in Gome in the near future.; The Beijing News | 2011-03-15

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Housing Prices Slightly Down, but Rentals Up: Chinese government's continuous determination to curb speculative property market and reign in soaring housing prices across the country has yielded minor results, as property prices in some second-ti...; Source:National Bureau of Statistics

China's Salt Supply Adequate, Stop Panic Buying: Chinese consumers have gone on a panic buying spree for salt since Wednesday, emptying supermarket shelves of salt in parts of China, as rumors of shortage and price hike circulated widely.; Source:China News Agency

: Japan Earthquake:To Stay or to Go?; Tourists are leaving, and the trend spread to longer-term residents of the country.

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