CORRECTED-PRESS DIGEST - China - July 23

Tue Jul 23, 2013 1:12am EDT

(Corrects to clarify that China Daily article said WeChat was offline for several hours, not 24 hours)

July 23 (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

- The National Development and Reform Commission has approved the issuance of an 8.5 billion yuan ($1.38 billion)corporate bond by Hubei Provincial Communications Investment Co Ltd, which has by far the largest bond budget across the highway construction industry.

BEIJING NEWS

- Premier Li Keqiang said at a State Council meeting last week that China would not permit economic growth to sink below 7 percent, the paper reported, without citing sources.

SHANGHAI SECURITIES NEWS

- Preparations to liberalise China's insurance rates are nearly complete and should be implemented soon, unnamed sources with knowledge of the situation said.

CHINA DAILY

- Popular cellphone messaging app WeChat, run by China's largest internet company by market capitalisation Tencent Holdings, was offline for several hours on Monday. Tencent blamed a hardware breakdown.

- China is predicted to elbow past the U.S. this year to become the largest market for express deliveries, according to Ma Junsheng, director-general of the State Post Bureau of China, at an internal conference on 18 July, as express delivery volumes grew more than 50 percent year-on-year in each of the past 28 months.

SHANGHAI DAILY

- The Apple Store on Shanghai's Huaihai Road has stopped accepting online reservations for repairs to prevent repairmen from other cities without Apple Stores from monopolising the queue, but the result has been long lines and cranky customers.

PEOPLE'S DAILY

- Establishing more small community banks could benefit the real economy in China as misallocation of resources toward speculation has made capital more expensive for many small and medium-sized enterprises, the newspaper said in an editorial comment.

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

($1 = 6.1413 Chinese yuan) (Compiled by Shanghai Newsroom; Editing by Anand Basu)

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