PRESS DIGEST - China - April 13
BEIJING/SHANGHAI, April 13 (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
-- Fan Gang, a member of the central bank's monetary policy advisory committee, said China's economic adjustment would take at least two to three years, and the country's economy was unlikely to bottom out soon.
-- Ji Lin Ji En Nickel Industry Co Ltd (600432.SS) plans to raise about 1.1 billion yuan ($161 million) via a private placement to invest in mining projects overseas.
-- Datang International Power Generation Co (0991.HK) (601991.SS), one of China's five major power generators, has put a 1.439 percent stake in China Continent Property & Casualty Insurance Co up for sale on the China Beijing Equity Exchange at a price of 91.6 million yuan.
SHANGHAI SECURITIES NEWS
-- Yi Gang, vice governor of the People's Bank of China, said the country was not ready for full liberalisation of interest rates or foreign exchange rates, as the central bank shoulders most of the burden of exchange rate risk.
-- Toyota Motor's (7203.T) venture with China's FAW Group rolled out its first locally made SUV, an RAV4, last Friday priced at 189,800 to 264,300 yuan, while its venture with Guangzhou Automobile plans local production of its Highlander SUV in May.
CHINA BUSINESS NEWS
-- Jing Ulrich, Chairman of China equities at JPMorgan, expects China to resume initial public offerings soon, as the country's economy has already touched bottom, and there is still a chance of interest rate cuts in the next six months. ($1=6.833 Yuan) (Compiled by Beijing and Shanghai Newsrooms; Editing by Edmund Klamann)
