June 4, 2008 / 2:37 AM / 11 years ago

UPDATE 1-PRESS DIGEST - China - June 4

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BEIJING/SHANGHAI, June 4 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Wednesday. Reuters has not checked the stories and does not vouch for their accuracy.


— China’s rapid economic growth has driven up prices of food and agricultural products, the main cause of high consumer inflation, according to a paper written by Zhang Yongjun, a researcher with the State Information Center, a key government think-tank. He said the government should slow economic growth to stablise prices.

— Analysts believe signs are mounting that China will alter its fiscal policy from “stable” to “active” to support reconstruction IN earthquake-hit Sichuan province, according to a front-page commentary.

— Commission income at Chinese securities brokerages were 10.6 billion yuan ($1.53 billion) in May, basically the same level as in April.

-- The Shanghai Stock Exchange will adjust the constituent components of several indexes, including the CSI 300 .CSI300 index of Shanghai- and Shenzhen-listed shares, effective from the first trading day in July.

— Shanxi Taigang Stainless Steel Co (000825.SZ), China’s largest stainless steel producer, is expected to post a marked increase in second-quarter net profit compared with the first quarter due to gains in its carbon steel business, an analyst said.

— Heavy flows of speculative “hot money” into China are not likely to ease in the near future due to the strong outlook for yuan appreciation, analysts said.


— Property developer China Vanke Co (000002.SZ) has accumulated 2.16 billion yuan worth of its own shares for an executive incentive programme.

— China Oilfield Services Ltd (2883.HK) (601808.SS) Chief Executive Yuan Guangyu told a shareholders’ meeting the company was always seeking opportunities for overseas acquisitions and would try to show some results from those efforts this year.


— The China Iron and Steel Association is urging Chinese steelmakers to abide by a central government order to stabilise steel prices in earthquake-hit areas of southwest China and to ensure they have access to adequate steel product supplies.


— The central bank should stick to its tight monetary policies, but fiscal policies should also play a bigger role to boost domestic consumption and balance international payments, the paper said in a commentary.

CHINA DAILY (www.chinadaily.com.cn)

— A survey conducted by the China Youth Daily and news portal Sohu.com showed that 88 percent of 4,309 people questioned thought the Sichuan earthquake had “changed” their lives. Many said they want to “cherish life more and create more value for society” after the quake.

— Some 160 sniffer dogs from across the country are being sent to Beijing to help bolster public security efforts before and after the upcoming Olympic Games. Adding to the 44 sniffer dogs already working in the capital, they will be primarily used to seek out explosive devices and materials.


— Premier Wen Jiabao held a cabinet meeting on Tuesday, ordering all government agencies to redouble their efforts to ensure smooth delivery of quake-relief materials.

— Last month’s massive earthquake will not change China’s economic fundamentals because the quake-hit region contributes only a small proportion to the national economy, the National Bureau of Statistics said.

— The Sichuan local government has started the search for a suitable location to build an earthquake museum. ($1=6.925 Yuan) (Compiled by Beijing and Shanghai Newsrooms; Editing by Ken Wills and Edmund Klamann)

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