SHANGHAI Oct 28 Chinese newspapers available in Beijing and Shanghai carried the following stories on Monday. Reuters has not checked the stories and does not vouch for their accuracy.
CHINA BUSINESS NEWS
- The Development Research Centre of the State Council, a top think-tank under China's cabinet, published a so-called "383 report" in which it made proposals for reforms for the coming plenary meeting of the Communist Party of China in November, attracting widespread attention.
CHINA SECURITIES JOURNAL
- Nearly 1,600 of China's more than 2,000 listed companies have published their third-quarter earnings results so far, with their combined net profits growing a better-than-expected 12.33 percent due to increased sales, rising profit margins and lower costs.
SHANGHAI SECURITIES NEWS
- Last week's launch of "loan prime rate", China's first benchmark lending rate based on the interest that banks lend to their best clients, has laid a cornerstone for China to build a market-oriented interest rate regime, economists said.
- The suspension of stock initial public offerings (IPOs) for the past year has deprived Chinese brokerages a key source of revenue, greatly hitting their income. Regulators quietly suspended IPOs last November to support the sagging domestic stock market.
- China's largest private steel company, Shagang Group, plans to move away from steel as its primary business in less than three years amid a government campaign to cut huge steel glut in the country.
- The government's decision to eliminate some registered capital requirements for establishing new companies reflects a trend to offer Chinese citizens more opportunities to launch their own businesses while tightening supervision of existing firms, a commentary by this mouthpiece of the ruling Communist Party of China said.
For Hong Kong and South China newspapers see.....