PRESS DIGEST- China - May 20

Mon May 19, 2014 10:09pm EDT

May 20 (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.

CHINA SECURITIES JOURNAL

- China will embrace international cooperation in energy, with an improvement in supply capability and development in the downstream industries including pipeline construction, oil-gas storage and product sales to be expected, analysts said. The development follows the news that Russian President Vladimir Putin hopes to sign a multi-billion dollar gas agreement with China during a two-day visit that kicks off on Tuesday .

- The ongoing ownership reform of China's state-owned enterprises (SOEs) should not serve as a means for SOEs to offload bad assets, but as a way to attract profitable investment from private capital, an editorial said.

SHANGHAI SECURITIES NEWS

- China is going to systematically push forward its capital market reform process to achieve the long-term effect of reform, said chief securities regulator Xiao Gang.

- China has moved forward on upgrading its "third board" over-the-counter market by implementing a trade settlement system.

SECURITIES TIMES

- The Shanghai Shipping Insurance Association has been granted permission by the China Insurance Regulatory Commission (CIRC) to be treated as an industry association instead of an individual company.

CHINA DAILY

- China's army purchased more than 1,000 domestically manufactured Hongqi (Red Flag) H7 cars, following instructions issued by the military - approved by Xi Jinping and the Central Military Commission - in January that said the armed forces were required to buy domestic auto brands as part of the nationwide drive to cut waste.

SHANGHAI DAILY

- Shanghai will accelerate economic restructuring, deepen reforms and encourage innovation to sustain the city's status as a leader in China's growth and development, Shanghai Vice Mayor Tu Guangshao told a media briefing ahead of the Asian summit.

For Hong Kong and South China newspapers see..... (Compiled by Shanghai Newsroom; Editing by Anand Basu)

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