UPDATE 1-PRESS DIGEST - China - April 30

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BEIJING/SHANGHAI, April 30 (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

-- The 1,624 domestically listed Chinese companies that have released results reported a combined net profit of 820.8 billion yuan ($120.3 billion) in 2008, down 17 percent from a year earlier. Combined first-quarter net profit came to 230.8 billion yuan, up sharply from 36.8 billion yuan in the fourth quarter.

-- China's banking industry is forecast to report roughly 10 percent profit growth this year, said Guo Shikun, head of the research department of China Construction Bank Corp.

SHANGHAI SECURITIES NEWS

-- China's commerce ministry is preparing to send another procurement team to Europe and has not ruled out France as one possible destination, said Wu Xiling, head of the ministry's overseas investment and cooperation department.

-- SAIC-GM-Wuling, General Motor's (GM.N) commerical vehicle venture in south China, has raised its vehicle sales target for 2009 to at least 800,000 units, up from 750,000 units previously, an unnamed company executive said.

SECURITIES TIMES

-- China's insurance regulator is working on rules to allow insurance companies to participate in the reform and restructuring of the country's medical institutions, said Yuan Li, a representative of the regulatory body.

-- Hainan Airlines Co (600221.SS), China's fourth-largest carrier, said its net profit fell 88.9 percent to 31.82 million yuan in the first quarter. It booked a 1.42 billion yuan net loss in 2008, compared with a net profit of 626.86 million yuan a year earlier.

-- Chongqing Changan Automobile Co (000625.SZ), a Ford Motor (F.N) China partner, said its net profit slumped 89.41 percent to 28.34 million yuan in the first quarter, due in part to an 11.65 million yuan investment loss compared with a 308.14 million yuan gain a year earlier.

CHINA BUSINESS NEWS

-- FAW Car (000800.SZ), a listed unit of major Chinese automaker FAW Group, said its first-quarter net profit came to 290 million yuan, down 20.24 percent from a year earlier.

FINANCIAL NEWS

-- China issued 500.9 billion yuan of bonds in the interbank market in the first quarter of this year, up 6.8 percent from a year earlier.