PRESS DIGEST - China - May 7
May 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.
SHANGHAI SECURITIES NEWS
- China's cabinet issued a detailed list of reforms, including a call for a specific plan for full convertibility of the yuan under the capital account, indicating the government's determination to push forward economic reform.
- Economists expect China will post a slew of weak economic data for April in all three major fields of foreign trade, investment and consumption, due in part to weak global economic and market conditions. The data is due this week and next.
- Data showed Beijing's suffered from serious air pollution on Monday, despite a sharp rise in temperature in the Chinese capital. Experts believe that air quality in Beijing is not likely to improve much in the near term.
- China has become Germany's third largest investor, investing in 98 projects in the European country last year, with significant investment in auto parts and machinery manufacturing.
CHINA SECURITIES JOURNAL
- The People's Bank of China is likely to let banks raise their deposit rates to up to 1.2 times the central bank's benchmark rate later this year, up from the current cap of 1.1 times the benchmark, in a further step to liberalise the country's rate regime, according to analysts and industry insiders.
- Experts believe foreign capital inflows into China's red-hot property and local-government projects were key factors that prompted the foreign exchange regulator to announce tightened rules to curb inflows on Sunday.
- Luxury car sales in China, including Audi, BMW, and Mercedes-Benz, slowed to four percent growth in the first quarter this year, down from 13 percent annual growth last year, amid a central government clampdown on government extravagance, the China Association of Automobile Manufacturers said.
- Shanghai's government is inviting tenders for the construction of a 77,492-square-metre public transport hub, including five bus terminals, car and taxi parking lots, wash rooms, and six lounges, to serve visitors to Shanghai Diisneyland, which is scheduled to open in 2015.
For Hong Kong and South China newspapers see.....
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