PRESS DIGEST - China - May 18
BEIJING/SHANGHAI, May 18 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Monday. Reuters has not checked the stories and does not vouch for their accuracy.
SHANGHAI SECURITIES NEWS
-- Datang Telecom Technology Ltd (600198.SS) plans to raise 1.2 billion yuan ($176 million) by selling shares to selected investors via a private placement, and will use the funds to invest in research and development of technology based on the home-grown TD-SCDMA third-generation mobile standard.
CHINA SECURITIES JOURNAL
-- BOC Insurance, the property insurance unit of Bank of China (3988.HK), plans to sell its 50 percent stake in the China auto financing arm of French carmaker PSA Peugeot Citroen (PEUP.PA) for 328 million yuan.
-- China plans to peg the prices of natural gas to global crude oil prices to reform the country's gas pricing system. The proposal has been submitted to the State Council, or cabinet, by China's National Development & Reform Commission.
FINANCIAL NEWS
-- Around a thousand entrepreneurs gathered in Kunming, the capital city of Yunnan province to discuss the trend of China's macroeconomy and the development and challenges of Chinese enterprises amid the global financial crisis.
CHINA DAILY (www.chinadaily.com.cn)
-- The central government has appointed Jiao Li, the Communist Party's publicity official as the new president of China Central Television (CCTV). Jiao, the vice-minister for the publicity department of the CPC, replaces Zhao Huayong, who has reached the official retirement age.
PEOPLE'S DAILY
-- China Huaneng controlled North United Power Co has successfully developed a new technology of long-distance power transportation which has been verified by experts. The new technology occupies little land space, is low cost and needs a much shorter time to be built. With the new technology put into operation, the capacity of power transportation will be raised by 45 percent.
