PRESS DIGEST-China-Oct 30

SHANGHAI Mon Oct 29, 2012 8:41pm EDT

SHANGHAI Oct 30 (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 BUSINESS NEW

-- The Ministry of Commerce said China took over the United States to attract the most foreign direct investment (FDI) in the first half of this year.

SHANGHAI SECURITIES NEWS

-- Regulators are considering to resume approval for foreign institutions to buy stakes in Chinese commodity futures firms. China has not given approval for any foreign company to buy such stakes since 2008.

-- Although the Chinese currency yuan has hit repeated record highs against the dollar this month, experts believe there will not be large amounts of speculative hot money flowing into China partly due to China's strict capital control.

CHINA SECURITIES JOURNAL

-- China Offshore Oil Engineering Co plans a share private placement to raise up to 3.5 billion yuan ($561 million) to expand the company's deep-sea business.

-- Experts say China needs technical innovations and industrial upgrading to avoid so-called "middle income trap" after 30 years of rapid economic expansion. The phrase is used to describe difficulties for an emerging economy to continue quick growth when it reaches certain level of development while it can not adjust its economic structure in a timely manner.

CHINA DAILY

-- China's 91 listed property developers saw the value of their combined inventories hitting 915.55 billion yuan by the end of September, up 24.08 percent from a year earlier, meaning the companies are under increasing pressure to decrease the size of their stocks. For Hong Kong and South China newspapers see.....

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