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Health minister resigns over premium dispute

Department of Health Minister Yaung Chih-liang (楊志良) tendered his resignation in a shock move yesterday, saying he could not fulfill Premier Wu Den-yih’s (吳敦義) request that 75 percent of the insured be exempted from a proposal to increase national health insurance premiums.

Wu rejected Yaung’s resignation late last night, however. Executive Yuan spokesman Johnny Chiang (江啟臣) said the premier hoped Yaung would stay in the position.

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China sees bank risks in local-government financing

Chinese central bank Governor Zhou Xiaochuan (周小川) said that local-government financing vehicles using land as collateral may pose risks for the nation’s banks.

“When land prices rise, there may be over-valuation of land,” Zhou said at a press briefing in Beijing yesterday. “In the future, if land prices fall, there may be a difference in the assessment of the loan.”

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Newsflash

The Hong Kong Legislative Council yesterday formally withdrew planned legislation that would have allowed extraditions to mainland China, but the move was unlikely to end months of unrest, as it met just one of the five demands of pro-democracy protesters.

The rallying cry of the protesters, who have trashed public buildings in the Chinese-ruled territory, set street fires and thrown Molotov cocktails at police, has been “five demands, not one less,” meaning that the withdrawal of the bill makes no difference.