UPDATE 1-PRESS DIGEST - China - June 30
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BEIJING/SHANGHAI, June 30 (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
-- China State Shipbuilding Corp has put its Wenchong Shipyard up for sale on the Beijing Equity Exchange for 3.04 billion yuan ($443 million), considered by analysts one of its most valuable unlisted assets and likely to be bought by the company's listed unit Guangzhou Shipyard International Co (600685.SS) (0317.HK).
-- People's Bank of China deputy research director Jiao Jinpu said there were no clear signs at present that the latest round of inflation was abating, adding that the government should take steps to induce an easing in inflationary pressures rather than implementing price controls.
-- The annual report of China's Social Security Fund for 2007 showed operating income of 145.35 billion yuan and a 43 percent rate of return on operations, with the market value of fund assets at 516.15 billion yuan.
SHANGHAI SECURITIES NEWS
-- China Railway Erju Co (600528.SS) said it had received a combined 1.22 billion yuan in contracts for five infrastructure projects.
SECURITIES TIMES
-- China's state-owned exporters could not withstand an appreciation of the yuan beyond 6.5 to the dollar, while there are small and private-sector enterprises already facing a crisis of survival, a Beijing University researcher said.
CHINA BUSINESS NEWS
-- Yangtze Power Co (600900.SS) plans an initial investment of 1 billion yuan in Daye Nonferrous Metals Co, China's fifth-largest nonferrous metals producer. Daye aims for a stock market listing within two years.
FINANCIAL NEWS
-- China Securities Regulatory Commission released its first ever annual report for the securities industry.
CHINA DAILY (www.chinadaily.com.cn)
-- Chinese health authorities plan to create a national influenza-monitoring system to contain the spread of the disease, a health official said.
-- Foreigners in Beijing will be able to report road emergencies to the 122 traffic police hotline in one of eight languages from July 20 to September 20.
PEOPLE'S DAILY
-- China needs to realise that its existing tight monetary policy has limited effectiveness to cure cost-push inflation, a deputy chief of the Development and Research Centre under the State Council said. ($1=6.861 Yuan) (Compiled by Beijing and Shanghai Newsrooms; Editing by Keiron Henderson)
