PRESS DIGEST-China - May 28

SHANGHAI Tue May 27, 2014 10:20pm EDT

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SHANGHAI May 28 (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.

CHINA SECURITIES JOURNAL

- Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said the economy was in an "unusually intricate" situation and local branch offices needed to implement a prudent monetary policy to ensure economic stability and strengthen financial regulation.

- Song Liping, general manager of Shenzhen Stock Exchange, said the exchange would continue to promote and extend China's ChiNext board.

21st CENTURY BUSINESS HERALD

- Miao Jianming, president of China Life Insurance (Group) Co, said the company was going to get licences to start payment, securities and financial services, paving the way for the firm to become a full-fledged financial services company.

SHANGHAI SECURITIES NEWS

- Data from the China Insurance Regulatory Commission showed investments by insurers into stocks and equity funds reached 822 billion yuan ($131.6 billion) in the first four months of this year, accounting for just 10 percent of their total investment portfolio, which is a one-year low.

CHINA DAILY

- The government will release a detailed list of administrative fees for micro-sized and small enterprises as it seeks to alleviate the financial burden of a group of companies that are a source of economic dynamism, an official said on Tuesday.

SHANGHAI DAILY

- Shanghai plans to establish 8-10 smart parks with top-class technologies such as cloud computing and Big Data by 2015 as it looks to lead the sector nationwide, the city's information technology regulator said.

PEOPLE'S DAILY

- Stabilising and developing Xinjiang is the primary goal, the newspaper said in a commentary.

For Hong Kong and South China newspapers see..... ($1 = 6.2486 Chinese Yuan) (Reporting by Shanghai Newsroom; Editing by Prateek Chatterjee)

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