July 17, 2008 / 12:17 AM / 10 years ago

UPDATE 1-PRESS DIGEST - China - July 17

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BEIJING/SHANGHAI, July 17 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Thursday. Reuters has not checked the stories and does not vouch for their accuracy.

PEOPLE‘S DAILY

-- The parliament’s financial and economic committee, in a joint meeting the central bank and planning agency, said China faces potential financial risks from rising inflation, a grim outlook for exports, tight supplies of coal and energy as well as foreign exchange reserves that are rising too fast.

FINANCIAL NEWS

-- China’s foreign exchange regulator has stepped up its supervision on capital flows to an effort to prevent an inflow of speculative money. It will follow-up on actual exports and crack down on underground money dealers.

-- China Construction Bank has launched private banks in Beijing, Shanghai and Guangdong to target clients with financial assets worth 10 million yuan ($1.47 million).

CHINA DAILY (www.chinadaily.com.cn)

-- China issued a rule to tighten supervision of managers of listed state-owned enterprises (SOE). SOE heads are banned from taking advantage of their access to inside information about plans for listings, refinancing moves, and mergers and acquisitions, to profit either themselves or for those they have special relationships with.

-- In response to growing public pressure, Shanghai will relocate 4,000 residents living near Pudong International Airport who are affected by the noise.

-- Eleven police officers, including a deputy chief of the Shenyang public security bureau, have been prosecuted for acting as “protection umbrellas” for three major gangs in Liaoning province in the northeast.

CHINA SECURITIES JOURNAL

-- Experts called on the government to increase the flexibility of yuan exchange rates, allowing falls as well as rises, since the currency has appreciated nearly 20 percent against the dollar since its revaluation in 2005 and this has caused trouble for China’s export sector.

    -- The government should promote the healthy development of China’s stock and property markets while avoiding a sharp, indiscriminate rise of asset prices, said the financial and economic commission of the National People’s Congress, China’s parliament.

    -- The Shenzhen Stock Exchange urged its members to offer “fair and clear market orientation” and not to spread fake information or rumours when they offered consultancy services to their clients.

    -- China Construction Bank (601939.SS) launched a private banking service that will target Chinese whose net assets exceed 10 million yuan ($1.5 million).

    SHANGHAI SECURITIES NEWS

    -- GF Fund Management Co, one of China’s 10 biggest fund managers, said it raised 1.24 billion yuan through the issuance of its ninth fund, a mutual fund that will focus on the domestic stock market.

    -- The first 15 domestic stock-focused funds to report second-quarter figures reduced their average weighting in stocks by 8.38 percentage points to 75.75 percent during the quarter.

    -- Shanghai Electric Power Co (600021.SS) estimated it made a net loss of 560 million yuan in the first half of this year, swinging from a 211 million yuan profit a year earlier, because of a sharp rise in coal prices; in addition, a rise in loan rates increased its financing expenses.

    -- Chongqing Jiulong Electric Power Co (600292.SS) estimated it made a loss of 26 million yuan in the first half of this year, against a profit of 59.4 million yuan a year earlier, because of the rise in coal prices and a fall in kilowatt hours generated. ($1 = 6.81 yuan)

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