PRESS DIGEST - China - Aug 8
SHANGHAI Aug 8 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Friday. Reuters has not checked the stories and does not vouch for their accuracy.
CHINA SECURITIES JOURNAL
- China's Chongqing has become the first provincial level government to test public-private partnership (PPP) in the country's state-owned enterprise reform, signing contracts worth 100 billion yuan ($16 billion) under the model on Thursday.
- Foreign investors have stepped up their investment in China's stock market since the start of July as the market shows signs of recovery while the yuan is slowly appreciating, adding value to the assets denominated in the Chinese currency.
SHANGHAI SECURITIES NEWS
- Investment in trust products by Chinese insurance companies surged by 38.5 percent from the end of last year to 200 billion yuan by the end of the first quarter this year, alarming the China Insurance Regulatory Commission, which is launching an investigation into the unusual rise.
- The Shanghai government has issued new rules to support Internet finance in the fledging stage in China, including offering fund-raising support to related companies.
- Food companies should withdraw substandard products that are a threat to health as soon as they are discovered, a draft document by China's top food safety watchdog said after a slew of food scandals involving Chinese chain shops of big names such as McDonald's Corp and Yum Brands Inc.
- The upholding by the High People's Court in central Hubei province of the death sentence for Liu Han, a former mining tycoon, means China will not tolerate Mafia-like gangs, the newspaper, the mouthpiece of the ruling Communist Party of China, said in a commentary.
For Hong Kong and South China newspapers see..... ($1= 6.1619 Yuan) (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)