China appointed four new ministers during the last meeting of the NPC Standing Committee, which concluded in Beijing in late April. The four ministers who were replaced had passed the retirement age of 65 for PRC officials. More State Council personnel changes are likely to take place as the upcoming Chinese Communist Party (CCP) Congress approaches.
China Market Intelligence
The National People's Congress (NPC) conducted its third reading of the draft Labor Contract Law on April 24 and decided to read the draft law for a fourth time, which may occur as early as the next NPC meeting in June. Observers expect the law to be passed after that reading.
In just two weeks, top US and PRC economic officials will meet in Washington, DC, for the second round of the Strategic Economic Dialogue (SED). US Secretary of the Treasury Henry Paulson, who chairs the US side of the dialogue, previewed the upcoming SED in a speech on May 2 at the Peter G. Peterson Institute for International Economics in Washington.
China's economy expanded at a faster-than-expected rate of 11.1 percent in the first three months of the year, largely driven by fixed-asset investment and exports.
In an attempt to curb energy inefficient, environmentally unfriendly, and low-value-added processing trade, the PRC Ministry of Commerce (MOFCOM) recently issued a notice that calls on local commerce authorities to more tightly regulate and monitor enterprises engaged in processing trade.
In a welcome act of regulatory transparency, the China Insurance Regulatory Commission (CIRC) on April 13 posted draft Measures on the Administration of Life Insurance Products for comment by May 15.
The US-China Business Council (USCBC) today released a breakdown of US individual state exports to China during the 2000-06 period that shows the remarkable growth of China as an export market for US goods.
US Department of Transportation (DOT) Secretary Mary E. Peters recently visited Shanghai and Beijing to advocate for the liberalization of China's transportation sector, particularly the aviation market.
After completing the first reading of China's draft Employment Promotion Law during the full session of the National People's Congress (NPC) in March, the NPC released the draft law and is soliciting comments until April 25. The draft law contains several provisions that companies should note.
The PRC National Development and Reform Commission (NDRC) released its 11th Five-Year Plan (FYP, 2006-10) on Energy Development last week. The plan focuses on energy production and consumption efficiency, energy supply diversification, energy security, and environmental protection.