SHANGHAI Dec 17 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.
CHINA SECURITIES JOURNAL
- China will reveal rules for its national over-the-counter exchange for small and medium enterprise' share transfer system by the end of the year, said an official with direct knowledge of the matter. The system will accept business listing applications before the year end.
- Dai Xianglong, head of China's social security fund, proposed recently at an international finance forum that China should implement a "Hong Kong stocks through train", to allow the Chinese to purchase Hong Kong listed shares directly.
SHANGHAI SECURITIES NEWS
- Tencent Holdings Ltd acquired a stake in Howbuy, a fund consultancy and distribution firm on Tuesday, said a Tencent spokesman. This is the first time that Tencent has invested in a domestic third-party investment management company. The report did not disclose the financial details of the transaction.
- China's plans to restrict the expansion of its large cities while diverting resources to the less-developed central and western parts of the country will get the country's urbanization out of the unsustainable rut it is in, a commentary in the paper said. All the problems the eastern region faces can be attributed to hasty development plans, it said.
- Over 35 years of reform and opening up, China has brought great advances to society and given birth to the great awakening of Chinese thinking, said a commentary in the paper that acts as the Party's mouthpiece. Currently, China is facing a series of challenges so reform needs to be promoted, it said.
For Hong Kong and South China newspapers see.....