PRESS DIGEST - China - March 5
BEIJING/SHANGHAI, March 5 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Wednesday. Reuters has not checked the stories and does not vouch for their accuracy.
CHINA DAILY (www.chinadaily.com.cn)
-- China Securities Regulatory Commission officials on Monday denied rumours that the country had abandoned a scheme that would allow mainland investors to invest directly in the Hong Kong stock market.
-- A mechanism to protect intellectual property rights will be implemented fully across the country this year, State Intellectual Property Office (SIPO) Commissioner Tian Lipu said.
PEOPLE'S DAILY
-- China's National Development and Reform Commission has provided 500 million yuan ($70 million) in subsidies to repair and rebuild power grids run by local governments that were hit by severe winter weather.
CHINA SECURITIES JOURNAL
-- Several analysts and investors believe there is an extremely strong chance that Ping An Insurance (Group) Co's (601318.SS) proposed massive fund-raising will be approved by holders of its Hong Kong-listed H shares (2318.HK), while the probability of approval by holders of its Shanghai-listed A shares also is not low.
SHANGHAI SECURITIES NEWS
-- Detailed rules for the launch of segregated account management services by fund management firms are likely to come out soon after the end of this month's parliamentary session, according to an authoritative source.
SECURITIES TIMES
-- Industrial and Commercial Bank of China (601398.SS) (1398.HK) said it plans to establish a private banking department to boost its business.
CHINA BUSINESS NEWS
-- Global retailer Best Buy Co Inc (BBY.N) said it would not open a store in Beijing in the near term due to changes in its business strategy. The company has closed its Beijing office.
-- Chinese power company Datang will definitely enter the iron ore freight transportation business and is now studying such a move, Chairman Zhao Ruoyu said in an interview. ($1=7.106 Yuan)
