PRESS DIGEST - China - Jan 23

BEIJING/SHANGHAI, Jan 23 (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

-- Ping An Insurance (Group) Co of China Ltd (2318.HK) (601318.SS) will launch a fund-management unit as early as March, according to sources with direct knowledge of the matter.

SHANGHAI SECURITIES NEWS

-- China is drafting plans to invigorate seven major industries: shipbuilding, petrochemicals, light industry, textiles, nonferrous metals, equipment manufacturing and electronic information, after the government announced plans to boost the country's steel and auto sectors, according to Li Yizhong, head of the Ministry of Industry and Information Technology.

-- Shanghai will roll out real estate investment trust products (REITs) this year and will take the lead in a pilot programme that would enable the Chinese currency, the yuan, to be used in international trade settlements, said Fang Xinghai, director-general of the Shanghai Municipal Government's Financial Services Office.

SECURITIES TIMES

-- Baoshan Iron and Steel Co (600019.SS) has entered into a strategic alliance with CIMC (000039.SZ), the world's largest shipping container maker, to fill half of CIMC's needs for cold-rolled stainless steel in 2009. (Compiled by Beijing and Shanghai Newsrooms; Editing by Jacqueline Wong)