UPDATE 1-PRESS DIGEST - China - March 2
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BEIJING/SHANGHAI, March 2 (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.
CHINA SECURITIES JOURNAL
-- Chinese television maker Konka Group Co (000016.SZ) plans to invest 886 million yuan ($130 million) to build a liquid crystal display module plant.
-- Analysts including China International Capital Corp economist Ha Jiming and CITIC Securities analyst Sun Wencun forecast that China's consumer price index may have fallen about 2 percent in February from a year earlier, its first decline since December 2002.
SHANGHAI SECURITIES NEWS
-- Brokerage fees collected by China's securities firms in February surged about 170 percent from the previous month to 11 billion yuan, the highest level in 12 months, as trading turnover in A shares rose.
-- China has revised the insurance law, expanding insurers' investment options to include real estate.
-- Geely Automobile (0175.HK) will begin work on a light plug-in hybrid vehicle and will separately roll out its first electric vehicle this year, according to a source in the company's R&D division.
-- Zhang Hongli, chairman of Deutsche Bank (China), has proposed China quickly set up a strategic resource reserve system, making use of its currency reserves to buy overseas resources.
SECURITIES TIMES
-- China Eastern Airlines (0670.HK) (600115.SS) announced the results of an analysis of the impact of oil price movements on fair value losses from its fuel hedging activities.
FINANCIAL NEWS
-- China Orient Asset Management Corp, one of China's big four state asset management vehicles, plans to sell equity stakes to strategic investors in 2009 as part of its move to fully become a commercially viable company.
-- China's Guangdong province should enhance financial ties with neighbouring Hong Kong and Macau through yuan settlements and freer currency exchange, said Ma Jing, the head of People's Bank of China Guangzhou branch.
CHINA DAILY (www.chinadaily.com.cn)
-- A Chengdu-based newspaper's mistaken translation of a story incorrectly stated that China had pulled out of a deal to buy 150 aircraft from Airbus, causing a stir among national media and on online chat sites.
-- City residents left homeless by the devastating earthquake in Sichuan last May will all be permanently resettled by the end of this year, 12 months ahead of schedule, the province's governor Jiang Jufeng said.
PEOPLE'S DAILY
-- In response to the financial crisis, Chinese government officials and Communist Party cadres have been told not to spend public money on overseas sightseeing in 2009.
-- China's eastern province of Zhejiang, an important export and private economy base, is seeing a recovery in exports and economic growth.
-- Power use -- an indicator measuring economic activity - in has been growing since February 23 in five southern Chinese provinces, including China's export powerhouse Guangdong, according to China's power grid operator. ($1=6.839 Yuan)
