UPDATE 1-PRESS DIGEST - China - June 24

(Adds newspapers)

BEIJING/SHANGHAI, June 24 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Tuesday. Reuters has not checked the stories and does not vouch for their accuracy.

FINANCIAL NEWS

-- China launched a pilot scheme in nine provinces, including Sichuan, Gansu and Qinghai, to encourage insurers to provide services to the low-income rural population.

-- China has dispatched 95 billion yuan from its government coffers for reconstruction efforts after the earthquake in Sichuan province. It will appropriate more in the next two years.

CHINA DAILY (www.chinadaily.com.cn)

-- China has sacked 12 officials and punished 31 for misappropriating earthquake-relief funds and materials.

-- China's Supreme People's Court said it would track retrials of cases and punish judges who were prone to errors. It would be the first time for China to hold judges responsible for issuing verdicts that are later overturned.

-- A Shanghai labour dispute arbitration committee ordered global computer firm IBM (IBM.N) to pay 57,000 yuan ($8,292) in compensation to an employee who was fired after being diagnosed as suffering from depression.

CHINA SECURITIES JOURNAL

-- China Railway Group (601390.SS) said it had won a 2.1 billion yuan ($306 million) contract to build Tianjin West Station on the planned Beijing-Shanghai high-speed rail line.

-- Officials at the China Insurance Regulatory Commission say the commission is discussing with other agencies the possibility of insurers being allowed to invest in fund management companies, trust companies and brokerages.

SHANGHAI SECURITIES NEWS

-- The China Securities Regulatory Commission said it would step up efforts to ensure that company executives obey laws on corporate governance and information disclosure.

-- Central authorities are strengthening efforts to prevent corruption in transactions involving state assets owned by listed companies.

-- Huangshan Tourism Development Co (600054.SS) said its controlling shareholder, Huangshan Tourism Group, would extend by two years lock-up periods for a total of 197.73 million of its shares becoming tradable in three batches through next Feb. 17. For the following three years, no sales of the shares will be conducted at a price below 30 yuan per share.

-- Shanghai Dingli Technology Development (600614.SS) (900907.SS) said its controlling shareholder, Dingli Construction Group, had promised not to sell off shares in it at any price below 20 yuan per share.

-- Changsha Zoomlion Heavy Industry (000157.SZ) said it would spend 154 million yuan to buy an 83 percent stake in a state-owned car factory in Hunan province.

-- Shanghai Jahwa United Co (600315.SS), a maker of household chemicals, said it expected net profit in the first half of this year to rise at least 50 percent, boosted by strong sales growth.

SECURITIES TIMES

-- China Banking Regulatory Commission chairman Liu Minkang said the banking industry should push ahead with reforms to its risk control methods and expansion of its business, while cooperating with government efforts to cool the economy. ($1 = 6.87 yuan)