UPDATE 1-PRESS DIGEST - China - July 6
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SHANGHAI, July 6 (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.
FINANCIAL NEWS
-- China has not lost its competitive advantage in international trade despite a fall in exports during the current financial crisis, a vice commerce minister said.
CHINA DAILY (WWW.CHINADAILY.COM.CN)
-- The United States has the responsibility of maintaining the stability of the U.S. dollar which will still be the most important major international reserve currency in years to come, China's Vice Foreign Minister He Yafei said.
PEOPLE'S DAILY
-- China's electricity output grew 3.59 percent from a year earlier to 309.328 billion kilowatt hours in June, the first rise since October, adding to signs the economy may be stabilising.
CHINA SECURITIES JOURNAL
-- XJ Electric Co (000400.SZ), a Chinese maker of machinery equipment and bearings, plans to sell up to 120 million additional shares to its parent, in exchange for 1.82 billion yuan ($266.4 million) worth of assets.
-- Bank of China's research department predicted that total new loans this year may reach 10 trillion yuan, while the trend of rapid loan growth will continue next year.
-- China Vanke Co's (000002.SZ) sales in the first half of this year jumped 25.7 percent from a year earlier to 30.8 billion yuan, far exceeding market expectations.
SHANGHAI SECURITIES NEWS
-- Shanghai Automotive Industry Corp (Group), China's largest automaker, plans to spend 12 billion yuan ($1.76 billion) developing new-energy cars and will start rolling out hybrid and electric cars in 2010.
-- People's Bank of China governor Zhou Xiaochuan said that issuance of municipal bonds would make fund-raising activities by local governments more transparent and market-oriented.
