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

ENVIRONMENT: Shipping Accident Releases Hazardous Chemicals int...; An accident involving a cargo ship resulted in 62 shipping containers, including 12 filled with corrosive potassium permanganate, sodium permanganate, and potassium hydroxide, to tip in to the Yangtze river yesterday. The ship ran in to trouble while navigating an area of the river close to the Three Gorges Dam in Hubei province.; Southern Metropolis Daily | 2009-08-12

PUBLIC FUNDS: 80% of Quake Donations Ended Up in Local Governmen...; Research conducted by the school of public policy and management at Tsinghua University reveals that nearly 80% of the funds donated to last year's earthquake releif effort flowed into local government budgets. As of April 30 this year, earthquake relief donations had totaled 76.7 billion yuan, including 65.3 billion yuan in cash and 11.4 billion yuan in materials.; China Youth Daily | 2009-08-12

HEALTH: Plague Outbreak Traced to Wild Marmot; The World Health Organization has traced the source of a recent plague outbreak in China's remote Qinghai Province to a wild marmot. The outbreak left three people dead and resulted in the town of Ziketan being quarantined.; Southern Daily | 2009-08-12

RESOURCES: China to Develop Coal Reserves; The National Development and Reform Commission, China's top planner, recently commissioned China Shenhua Energy Co, the nation's largest coal producer, to build 10 storage facilities for coal across the country.; Stockstar | 2009-08-12

BUSINESS: CAS to Sell 29% Stake in Lenovo; The China Academy of Sciences (CAS), the state research institution that controls Legend Holdings, parent company of the world's fourth biggest personal computer maker Lenovo, is offering to sell a 29 percent stake in the company for 2.76 billion yuan.; Southern Metropolis Daily | 2009-08-12

EMPLOYMENT: Beijing Suspends Minimum Wage Adjustment; Beijing will not adjust the minimum wage this year, choosing instead to keep it at the 800 yuan per month level set last year. Beijing's Human Resource and Social Security Bureau announced the decision on August 10 claiming the move would help promote employment and stabilize the job market.; The Beijing News | 2009-08-12

TRANSPORT: Train from Beijing to Guangzhou to take 8 hours by...; Wang Zhiguo ,the vice minister of the Ministry of Railways, announced that the travelling time from Beijing to most provincial capitals will be shortened to between 1 and 8 hours within 3 years, thanks to the expansion of a high-speed rail network.; Harbin Daily | 2009-08-12

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6.4-Magnitude Quake Rocks West China: A 6.4-magnitude earthquake struck China's western Qinghai province earlier this morning.; Source:China Earthquake Networks Center

End of an Era: China Wipes Crime of Speculation from the Books: China's top legislature is considerring removing outdated laws relating to the crime of speculation, a throwback to the days of China's planned economy, from the country's law books.; Source:National People

TAX: Taxing Times; China's tax bureau aims to collect an additional 100 billion in tax before the end of the ...

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