PRESS DIGEST - China - June 25

BEIJING/SHANGHAI, June 25 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Thursday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA SECURITIES JOURNAL

-- China's Guilin Sanjin Pharmaceutical Co, which will sell its share in Shenzhen as China's first initial public offering in more than nine months, may price the offering at the top end of its indicated range due to strong institutional investor demand despite doubts about the value of the company.

-- China plans to subsidise a combined 2 billion yuan ($292.8 million) on 222 renewable energy projects which sell their output to the national grid, a government statement said.

-- Beiqi Foton Motor Co (600166.SS) plans to revise up its sales target this year to about 500,000 units, 17 percent higher than previously, thanks to a better-than-expected sales result so far this year, a senior company executive said.

SHANGHAI SECURITIES NEWS

-- Upside momentum in China's A share market is expected to be restrained in the second half, while real estate, banking, and insurance sectors should be the market focus, a research report from Shenyin and Wanguo Securities said.

SECURITIES TIMES

-- Several Chinese rare earth and minor metal producers said they support the the government's export policy, suggesting that the central government build up a mature national reserves system to protect domestic firms and support prices.

FINANCIAL NEWS

-- China will test a rural pension programme in 10 percent of the country's counties this year, with residents above the age of 16 eligible to join it.

-- The State Auditing Administration said some 36.7 billion yuan ($1.57 billion) lent by six banks in 2008 went to projects that violated government policies, adding that 27.3 billion yuan of the total had been recovered.

CHINA DAILY (www.chinadaily.com.cn)

-- Google's English-language website, google.com, was not accessible for more than two hours on Wednesday evening on the Chinese mainland, days after the government ordered the U.S. search engine to suspend part of its service that Beijing said allowed users access to pornographic links.

PEOPLE'S DAILY

-- China's auditing department reviewed 55 government agencies last year and found 4 billion yuan had been misappropriated, with 467 million yuan lost or wasted.

-- Three provinces -- Sichuan, Gansu and Shaanxi -- that were hit by a strong earth quake last year have spent 360 billion yuan on reconstruction efforts, or 36 percent of the total planned investment. ($1=6.830 Yuan)