PRESS DIGEST - China - May 12
SHANGHAI May 12 (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.
- To lower the risk of terror attacks, Beijing authorities are requiring bulk purchasers of gasoline to provide identification, acquire permits from local police stations and use approved containers, a notification said.
- Proper communication between the local government in the Hangzhou suburb of Yuhang and residents in the area could have prevented a public protest over the planned construction of a garbage incinerator from turning into a riot in which police vehicles were flipped and torched, an editorial said.
CHINA BUSINESS NEWS
- The People's Bank of China (PBOC) will not rashly cut banks' required reserve ratio despite market speculation on such a cut to boost the slowing economy because the central bank is using the reserves to help offset heavy capital inflows into China, said Wu XiaoLing, a former PBOC deputy governor.
SHANGHAI SECURITIES NEWS
- After a pause of 10 years, the State Council, China's cabinet, issued a broad range of capital market reforms on Friday, paving the way for a new phase of quick reforms of the country's markets, a commentary by this newspaper said.
- The China Financial Futures Exchange plans to gradually launch a slew of new products, including stock options and new stock index futures contracts, as part of the government's efforts to push forward capital market reforms, exchange Chairman Zhang Shenfeng told a financial industry forum in Beijing at the weekend.
CHINA SECURITIES JOURNAL
- A total of 1,559 institutions have registered as private equity (PE) management companies since regulators permitted PE firms to operate officially by registration in March. Such firms had previously operated in legal grey areas in China.
- A police officer shot a driver allegedly trying to smash his way through a roadblock on Sunday, the first shots fired since Shanghai police began carrying guns last month. The suspect was said to be part of a gang of fuel thieves, police said.
- Nineteen listed firms have suspended their plans to issue corporate bonds so far this year due to high yields resulted from the central bank's relatively tighter liquidity stance.
- The coming CICA (the Conference on Interaction and Confidence-Building Measures in Asia) summit to be held in Shanghai around May 20 will help promote trust among China and other Asian countries.
For Hong Kong and South China newspapers see..... ($1 = 6.228 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)