PRESS DIGEST- China - March 24
SHANGHAI, March 24
SHANGHAI, March 24 (Reuters) - 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.
SHANGHAI SECURITIES NEWS
- China will be able to achieve its goal for its economy to grow 7.5 percent this year, Jia Kang, head of the Ministry of Finance's research, told an asset management forum in Beijing over the weekend.
- China's decision to let listed firms to issue preferred shares for the first time will enable banks to raise funds without dilution of their earnings, making banking shares more attractive to investors, a signed article by the newspaper said.
- The slowdown of the annual growth of China's economy to below 8 percent over the past two years, down from more than 10 percent in most years since the start of this century, signals that the country needs to step up its efforts to improve its economic structure to sustain its rapid growth, a commentary by the newspaper said.
CHINA SECURITIES JOURNAL
- The depreciation of the yuan against the dollar since the start of this year is mainly a correction after the Chinese currency staged an unexpected strong appreciation last year. Now another round of yuan rise may have to wait until the fourth quarter of this year, judging from factors including China's slowing economy, a research report by Huarong Securities said.
- China's central government should be the main investment force for the country's next round of urbanisation drive, said Wang Jian, an official at the National Development and Reform Commission, China's top economic planner.
- The China Securities Regulatory Commission will soon resume reviewing corporate applications for initial public offerings after an IPO lull since February as applicants are required to add their latest financial data for last year among their documents for applications.
CHINA BUSINESS NEWS
- A number of Chinese government departments are now coordinating to draft rules to manage and supervise China's rapidly growing online banking business, sources said.
- China and Netherlands pledged to seek closer cooperation during the ongoing visit to Europe by Chinese president Xi Jinping.
For Hong Kong and South China newspapers see..... (Compiled by Shanghai Newsroom; Editing by Anand Basu)
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