UPDATE 1-PRESS DIGEST - China - June 5
BEIJING/SHANGHAI, June 5 (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
-- Nine Chinese nonferrous metals producers, including Jiangxi Copper (0358.HK)(600362.SS), Tongling Nonferrous Metals (000630.SZ) and Zhuzhou Smelter Group (600961.SS), have asked the Ministry of Commerce to launch an anti-dumping investigation on sulfuric acid imports from South Korea and Japan.
-- Zuo Xiaolei, chief economist of China Galaxy Securities, said that China's economy is still experiencing deflation, and inflation pressure has not formed yet.
SHANGHAI SECURITIES NEWS
-- The National Energy Administration is doing preliminary research on unifying on-grid tariff for hydropower and coal-generated power. Currently, coal-fired power enjoys higher on-grid tariffs.
-- Guangxi Guiguan Electric Power (600236.SS) plans to purchase a 70 percent stake in a hydropower company owned by its parent China Datang Corporation, with assets estimated at 3.6 billion yuan.
CHINA BUSINESS NEWS
-- China has launched a campaign to evaluate resources of 25 minerals in short supply, including iron ore and copper.
FINANCIAL NEWS
-- China top oil firm CNPC will invest 6 billion yuan ($878 million) to establish a financial leasing firm in Chongqing city.
CHINA DAILY (www.chinadaily.com.cn)
-- Environmental protection was not highlighted in China's 4 trillion economic stimulus plan, China's environment minister said.
-- China's foreign trade now faces unprecedented difficulties and is set to decline in the first half of this year, a vice commerce minister said.
PEOPLE'S DAILY
-- China's commodity futures market has become the world's largest after the United States, a top industry official said.
-- CNPC has completed all pipeline welding work on the west part of China's second west-east gas pipeline, helping to ensure it can receive foreign gas before the end of the year. ($1=6.833 Yuan)
