PRESS DIGEST-China - Jan 28
SHANGHAI Jan 28 (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
- The government's tight liquidity stance in 2013 that decreased cash supply to China's banking system contributed to the slowest annual asset and liability growth in Chinese banks in a decade last year.
- Chinese premier Li Keqiang advocated the use of new energy cars during a trip to Chinese automaker BYD Co Ltd in the central Chinese city of Xi'an, as a means to tackle China's severe pollution problem.
- New rules of the Shanghai and Shenzhen stock exchanges that set daily limits for new listings and order suspension at limits, adopted this year to curb rampant speculation in new listings, have caused many newcomers to trade only a few minutes on their debut day. That reflects defects in the new regulations.
CHINA SECURITIES JOURNAL
- The latest reform by the People's Bank of China to offer cash to smaller banks via the Short-term Lending Facility (SLF) mechanisms has enabled the central bank to adjust liquidity supply in the banking system with precision, a commentary by this major Chinese financial newspaper said.
- Analysts once again propose China's stock market to adopt a T+0 system, or the same-day trading system, to help activate sluggish trading in large-capitalised blue chips.
- An editorial by this mouthpiece of the ruling Communist Party of China criticised that some government meetings have been too extravagant. The party is launching a sweeping clampdown on official corruption.
- Chinese authorities in the northern-central Chinese city of Xinzhou have taken a man into custody after he posted rumours about H7N9 bird flu on local social media.
- Fu Weimin, the former director and Party chief of the forestry administration of Dongfang, was removed from his post after he took more than 260,000 yuan ($43,000) in cash gifts at his mother's funeral, China National Radio reported. Fu hosted feasts for guests over six days in January.
- An H7N9 bird flu epidemic in China is "unlikely" during the country's week-long Spring Festival holiday in late January and early February, according to the director of the Chinese National Influenza Center. The bid flu virus has killed 19 people in China this year.
- Authorities in Shanghai have jailed four people for using waste oil for cooking, the Changning District People's Court ruled on Monday. China has struggled with food safety issues from chemical-tainted milk to fake donkey meat.
- Seven companies will list on the Shenzhen Stock Exchange on Wednesday, bringing the total number debuting in the mainland bourses in the first three days of this week to 24. For Hong Kong and South China newspapers see.....
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