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

COMMERCE: MOC: Trade Up 28.3% in First Two Months of 2011; According to Ministry of Commerce spokesman Yao Jian, quoting the latest figures from China's customs administration, in the first two months of 2011, China's total trade with the rest of the world totaled 495.83 billion U.S. dollars, up by 28.3% year-on-year. Over the two-month period, the value of exports climbed by 21.3% to 247.4 billion U.S. dollars, while imports jumped 36% to 248.36 billion ...; China Securities Journal | 2011-03-22

PRICES: Premier Wen Jiabao: China to Remove Remaining Controls on Domestic Oil Pricing; Yesterday, China's Premier Wen Jiabao is said to have told a meeting of visiting international business figures that China plans to remove any remaining controls on the pricing of domestic oil. Premier Wen reportedly told the meeting that China had already made progress in relation to the pricing of refined oil products and that the government plans to gradually link domestic prices to internation...; Caijing | 2011-03-22

RATE: RMB Continues to Strengthen Against the U. S. Dollar; The China Foreign Exchange Trade System (CFETS), an institution under the control of the People's Bank of China that is in responsible for setting the reference rate for yuan trading, set the central parity rate for the Chinese Yuan or Renminbi at 6.5592 per U.S. dollar today, strengthening from the 6.5632 rate set yesterday to achieve a new high. CFETS calculates the daily rate by taking a weight...; China Securities Journal | 2011-03-22

TAX: Personal Income Tax Threshold Not to Exceed 3,000 Yuan; An unnamed source close to the National Tax Administration revealed to reporters yesterday that it's unlikely that the personal income tax threshold would be lifted as high as 5,000 yuan a month, but that it might be increased to between 2,500 and 3,000 yuan. The same source also said that the current 9 tax bands will likely be reduced to 5, with the rate of tax at the highest level to be lowered ...; People's Daily Online | 2011-03-22

PRICES: Economic Planners Have Option of Adjusting Domestic Fuel Prices; With recent fluctuations in international crude oil prices exceeding the The National Development and Reform Commission's approximate 4% limit, the economic planning body has an opportunity to adjust domestic prices at the pump. However, according to some analysts, given the concern among economic planners with inflationary pressures, the chance of a price hike is low. According to NDRC custom, if...; China Business News | 2011-03-22

BUDGET: Xie Xuren: Budget for Social Services to Increase by 20%; Xie Xuren, China's finance minister, told people attending the 12th China Development Forum in Beijing on Sunday, that the central government plans to increase the amount spent on social services by 18.1%, or 1.0511 trillion yuan. This money will go to strengthening agricultural and rural infrastructure as well as other necessary social services such as education, housing, medical care, and social...; China Securities Journal | 2011-03-22

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

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Central Government Prepares Launch of Leadership Group to Oversee Powe...: Reforms aimed at splitting specialized auxillary companies off from the country's main power companies are imminent; Source:Economic Observer Online

Education for Children of Migrant Workers Overlooked in New Beijing Ed...: The final draft failed to address the issue of children of temporary residents not being permitted to sit the university entrance exam in Beijing; Source:Economic Observer Online

: 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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