RPT-PRESS DIGEST - China - Aug 7

Tue Aug 7, 2012 2:54am EDT

BEIJING/SHANGHAI Aug 7 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Tuesday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA SECURITIES JOURNAL

-- Shanghai Stock Exchange is planning to improve and fine tune delisting rules to deter speculation and restore confidence in the stock market.

SHANGHAI SECURITIES NEWS

-- Citigroup Inc, the third-largest U.S. bank by assets, has started an investment banking joint venture with China's Orient Securities Co to gain access to the world's second-biggest market for share sales. The venture, to be called Citi Orient Securities, will be based in Shanghai and has a registered capital of 800 million yuan ($126 million).

-- China's two cross-border exchange-traded funds (ETFs) have raised a combined 5.5 billion yuan ($862.85 million). China Asset Management Co has raised 3.5 billion yuan for its ETF tracking the Hang Seng Index, while the Hong Kong-based E Fund Management Co Ltd has raised about 2 billion yuan for its ETF tracking the Hang Seng China Enterprises Index.

SHANGHAI DAILY

-- Shanghai is expected to have serious downpours and gales between tonight and Thursday as typhoon Haikui approaches, authorities warned. The city has also relocated over 200,000 people to avoid risks, Xinhua news agency reported yesterday.

-- Shanghai's existing property sales climbed above 20,000 unit threshold again in July, thanks to robust demand from locals, according to a market report. Purchases of resale residential properties rose 9.4 percent from June to 21,000 units, extending growth for the third straight month.

PEOPLE'S DAILY

-- The building of China's first submersible support vessel "Deep Dive" was completed on Monday in Qingdao and was delivered to the Ministry of Transport for usage. It can work under water at the maximum depth of 300 meters.

CHINA DAILY (www.chinadaily.com.cn)

-- Four proposed amendments to the Labor Contract Law have received a massive amount of public interest, with a record number of people contacting authorities to have their say on the law, according to the website of the National People's Congress.

-- China's corporate debt ratios have reached "dangerous levels" according to leading economists. The Chinese Academy of Social Sciences, a top government think tank, has warned that further stimulus policies could add to the already heavy burden of the corporate debt that is weighing on the world's second-largest economy.

For Hong Kong and South China newspapers see.....

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