PRESS DIGEST-China - June 3
SHANGHAI, June 3
SHANGHAI, June 3 (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.
- The government's decision last Friday to lower the reserve requirement for more banks to shore up China's economic growth does not mean it was easing monetary policy, economists say.
- China's economy growth will not rebound sharply even though it posted over the weekend that its official Purchasing Managers' Index rose to 50.8 in May from April's 50.4, better than the market had expected, analysts say.
CHINA SECURITIES JOURNAL
- The Shanghai Stock Exchange adjusted the components of its main blue-chip stock index, the SSE180, to include 18 new firms, such as the newly listed Shaanxi Coal Industry Co Ltd .
- With another 20 firms publishing their draft share issue prospectuses on the China Securities Regulatory Commission website over the weekend, the total number of companies that have published such prospectuses as part of their initial public offering process has reached 430.
- The persistent existence and rampancy of cult activities in China reveals failures in education and administration, an editorial by this official newspaper said after the murder of a woman at a fastfood restaurant in China last week sparked a national outcry as it was revealed she was beaten to death for refusing to give her telephone number to members of a banned religious group.
- China Vanke Co Ltd said a Shenzhen-based financial firm representing 1,320 of Vanke's employees has bought Vanke shares worth a combined 723 million yuan ($116 million) over the past three trading days.
- Asia must guard against Cold War-like solutions that result in division, and those countries hoping to use military alliances to strike balance should abandon Cold War thinking, a commentary by this ruling Communist Party of China's newspaper said after China, Japan and the United States exchanged harsh words at an Asian Security meeting in Singapore over the weekend. For Hong Kong and South China newspapers see..... ($1 = 6.2473 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Prateek Chatterjee)