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

SECURITY: Hangzhou Police Detain Individual for Spreading Online Rumors About Japanese Nuc...; On March 20, the Xihu branch of the Hangzhou Public Security Bureau decided to detain a 31-year old individual surnamed Chen for spreading rumors about the Japanese nuclear reactor effecting the safety of seafood in Shandong. According to police, Chen made the remarks on an online forum on March 15 and asked others to forward it on. The Hangzhou PSB will hold Chen in detention for 10 days and impo...; China National Radio | 2011-03-22

RESERVE: Reserve Ratios to be Lifted for Third Time this Year; In an efforts to curb inflation, the central bank decided to increase reserve ratios at large financial institutions as of March 25. The People's Bank of China announced the 0.5 percentage point increase on March 18, the increase will mean that many of the country's largest banks will now be required to place 20% of their deposits with the central bank.; Southern Metropolis Daily | 2011-03-22

DRUG: Novartis Buys 85% Shares of China's Largest Private Vaccine Maker; Switzerland drugs maker Novartis has acquired 85% shares, worth 125 million US Dollars, of Zhejiang Tianyuan Pharmaceutical Company (Tianyuan), China's largest private vaccine producer. Chinese Commerce Ministry has approved the deal, said an unnamed source from Tianyuan. The global sales volume of vaccine is predicted to grow by 18% each year.; National Business Daily | 2011-03-17

SOCIAL SECURITY: Shanghai Ups Maximum Health Insurance Payout; Shanghai released its health care reform plan yesterday, increasing the maximum health insurance payout for locals to 280,000 yuan, and medical claims that exceed the limit will be capped at 80% coverage. She Yeming, deputy director of Shanghai Human Resources and Social Security Bureau, said the local government would try its best to narrow the social welfare gap between the locals and migrant po...; China Securities Journal | 2011-03-17

BUSINESS: QQ Users Enjoy Preferential Offer on Group-Shopping Site; The newly launched Gaopeng Network (高朋網(wǎng)), an online group-shopping platform, is offering preferential treatment to users of QQ, a free instant messaging platform by Tencent Company, which is also the co-founder of Gaopeng. Tencent’s business strategy is to bind QQ, which has 600 million registered users, to the group-shopping platform, which will instantly gain a huge pool of potential buyers.; The Beijing News | 2011-03-17

NUCLEAR: China Suspends Approval for New Nuclear Power Projects; The Chinese government has suspended approval for new nuclear power projects and issued order for an all-round inspection on existing nuclear power plants and those under construction. The move is aimed at ensuring nuclear security in the country, said Chinese Premier Wen Jiabao. The announcement came as Japan is facing a nuclear crisis after its Fukushima nuclear power plants were damaged by a 9-...; The Beijing News | 2011-03-17

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

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China to Evacuate Citizens from Japan: China has initiated an evacuation plan for its citizens to leave the hardest hit disaster zones in Japan.; Source:China Internet Information Center

Beijing Residents Shaken as Earthquake Strikes Japan: Beijing residents feel the impact of the earthquake in northeast Japan.; Source:Economic Observer Online

BOOK REVIEW: February 2011 Issue of EO's Book Review; Interviews with historian Gao Hua (高華), academic Du Junfei (杜駿飛) and well-known author Yue...