PRESS DIGEST-China - March 12

SHANGHAI, March 12 Tue Mar 11, 2014 9:38pm EDT

SHANGHAI, March 12 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Wednesday. Reuters has not checked the stories and does not vouch for their accuracy.


- CITIC Bank will partner with Alibaba Group Holding Ltd and Tencent Holdings Ltd to launch a "virtual" credit card for use in online purchases.

- The city of Nanjing in east China's Jiangsu province has launched new measures to control land and real estate prices, including a mechanism to adjust rules on a quarterly basis in line with price trends.


- Huang Guangyu, founder and former chairman of GOME Electrical Appliances Holding Ltd, who is now in prison, and his wife have reached an agreement with the Hong Kong Securities and Futures Commission to pay HK$420 million ($54 million) in compensation to the company.


- Many companies have suspended applications for initial public offerings, as they are waiting for possible changes to IPO rules, especially for China's small-cap ChiNext board.


- Annual growth in net profits in China's food industry dropped 11.6 percentage points to 13.6 percent in 2013 due to an slowdown in economic growth and increase in raw material costs, data from the National Development and Reform Commission showed.


The Shanghai Stock Exchange has submitted a plan to the China Securities Regulatory Commission (CSRC) to allow options trading on individual stocks, Gui Minjie, chairman of the exchange, told the paper. The plan is now awaiting CSRC approval.


- China should ensure the judicial system's ability to enforce justice in order to safeguard social fairness and improve protection for the people, a commentary in the paper said.

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

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