UPDATE 1-PRESS DIGEST - China - March 17

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BEIJING/SHANGHAI, March 17 (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.

PEOPLE'S DAILY

-- China needs to build reserves in more types of consumer goods in an effort to tackle inflation, said Huang Hai, assistant commerce minister. He said Beijing has built up reserves for grains, vegetable oil, sugar, pork and tea as well as temporary reserves for some vegetables.

-- China should develop asset-backed structured products such as medium-term notes and allow more players including stock investment funds, social security funds and corporate pension funds into the inter-bank market to boost the development of the country's bond market, said Liu Shiyu, vice central bank governor.

CHINA DAILY

-- Religious leaders and local government officials in Tibet condemned Friday's riots that damaged religious peace and order in Lhasa, the paper said.

-- The Beijing Olympic torch will be lit by the sun's rays concentrated through a concave glass in ancient Olympia, Greece on March 24, according to the Beijing Organizing Committee for the Games.

FINANCIAL NEWS