December 23, 2008 / 2:25 AM / 11 years ago

PRESS DIGEST - China - Dec 23

BEIJING/SHANGHAI, Dec 23 (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.

CHINA SECURITIES JOURNAL

— Lu’an Group’s coal-to-liquids plant, using indirect liquefaction technology that the company has developed, has produced its first barrel of oil.

— Since new regulations on shareholding increases were issued in August, large shareholders of listed companies have increased their stakes with an estimated total investment of 3.9 billion yuan ($569.2 million), exceeding sales of previously locked-up shares.

— China’s Shinva Medical Instrument Co (600587.SS) said it plans to set up a joint venture with GE (GE.N) to produce X-ray equipment. The total investment in the company would be $25 million. Shinva Medical would hold a 51 percent stake, and GE would hold the rest, a 49 percent stake.

SHANGHAI SECURITIES NEWS

— Baosteel Group said it aims to list the whole group in the next 10 years, and take an active part in the consolidation of China’s steel sector, the paper quoted Xu Lejiang, the group’s chairman, as saying.

— SAIC Motor Corp (600104.SS), China’s biggest car maker, said it would offer 2 billion yuan of medium-term notes in the interback market on Dec. 26.

— China should be careful not to throw itself to blind development of alternative energy projects, Xu Dingming, an energy consultant to the central government warned.

FINANCIAL NEWS

— The People’s Bank of China Nanjing Branch is urging commercial banks based in Jiangsu province to make loans to companies in a move to boost local economic development.

— The Jiangxi branch of the Agricultural Bank of China has agreed to provide a 20 billion yuan credit line to Nanchang for the city’s infrastructure construction in the next four years.

— The Hebei branch of China Construction Bank agreed to provide a 22 billion yuan credit line to Handan city.

CHINA DAILY (www.chinadaily.com.cn)

— Chinese firms should be bold in buying into enterprises, especially in the energy and resources sectors, said Zheng Xinli, a senior policy adviser and the vice director of the policy research of the ruling communist party’s central committee. He said Beijing should use its huge foreign exchange reserves to support overseas deals.

— Hackers who steal data or manipulate “a huge number” of computers would face jail terms of up to 7 years under a proposed amendment to the Chinese Criminal Law.

— A Nanjing government official in charge of property market management is under investigation after he was spotted in an online photograph wearing a high-end luxurious wristwatch and smoking expensive cigarettes.

PEOPLE’S DAILY

— China proposes to revise a law on statistics to improve the accuracy of figures.

— China is unlikely to fall into deflation in 2009, thanks mainly to the government’s stimulus programmes, said Zhou Qingjie, a professor with Beijing Technology and Business University.

$1=6.851 Yuan

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