PRESS DIGEST - China - Oct 16

SHANGHAI Oct 16 (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

--In order to speed up development of the alternative energy automotive industry, China will earmark a part from the "conserving energy and reducing emissions" special fund to encourage innovation in green energy cars.

--Baoshan Iron & Steel Co (Baosteel) said in a statement it had bought back 217 million shares in a price range of 4.51 to 4.65 yuan per share in the past one week.

SHANGHAI SECURITIES NEWS

--China's securities regulator has for the first time publicly disclosed the application process for seeking approval for mergers and acquisitions, as well as the criteria used to approve or reject applications.

--LDK Solar announced on Monday it would repay 400 million yuan in short-term commercial paper on time, easing investors' fears that it would become China's first-ever domestic bond default.

--Telecom equipment maker ZTE Corp , after its disclosure of a large operating loss in the third quarter of 2012, said it will take steps to reduce debt and improve operational efficiency in the fourth quarter.

SECURITIES TIMES

--China's securities regulator said it is launching an investigation into whether listed companies have carried out promises made in their public disclosures. The promises include asset restructuring, intra-company competitions, and changes to shareholding structures.

--An additional 14 securities brokerages have been approved to participate in the pilot programme on margin financing launched last month, raising the total number to 25.

CHINA DAILY

--Police arrested 11 people for poaching in a virgin forest on the border of Hubei and Hunan provinces in central China. They seized 17 bear paws, five bear gall bladders, and 300 kg of bear meat.

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