May 8, 2013 / 1:05 AM / 5 years ago

PRESS DIGEST - China - May 8

May 8 (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.


- Average wholesale prices of 18 vegetables in 36 big Chinese cities fell 5.4 percent between April 29-May 5 from the prior week. Egg retail prices slipped 0.4 percent from a week ago while pork wholesale prices dipped 0.6 percent, data from the Ministry of Commerce showed.


- Air China Ltd , Asia’s second-largest airline by market value, and its subsidiary will jointly buy 100 aircraft, it said in an exchange statement on Wednesday.


-- China’s entrepreneurial hub of Wenzhou has submitted to the local finance authorities a proposal to regulate private lending. Some of the proposed measures include making it mandatory for individuals and private companies to register lending of above 2 million yuan ($325,000) and 5 million yuan respectively.

-- Four banks in Jiangsu province that are planning to list saw their net profit rise over 10 percent in 2012. But their non-performing loans have also surged, with Jiangyin Rural Commercial Bank and Jiangsu Wujiang Rural Commercial Bank posting a 177 percent and 159 percent jump in bad debts respectively.


-- Privately-held wealth on the Chinese mainland hit 8- trillion yuan in 2012, with more than 700,000 individuals now holding 10 million yuan or more in investable assets, more than double the number at the end of 2008, according to a report by China Merchants Banks and U.S. consulting firm Bain and Co.

-- China’s solar panel exporters see tougher times ahead as the European Union moves closer to imposing punitive duties on Chinese exports. Industry officials said Chinese firms will lose their competitive edge over European counterparts if they are slapped with duties of above 20 percent.


-- Pudong New Area’s environment watchdog is investigating an industrial zone in Hangtou Town after about 300-meter stretch of a river there turned blue. Pictures posted by residents online showed blue sewage was being discharged from rain water pipes into the river. Some amount of oil slick was also found on the surface of the water.

-- China has ordered greater scrutiny of bond sales by local government finance vehicles with higher levels of debt, people with knowledge of the matter said. The National Development and Reform Commission, which approves bond sales by local government firms to finance projects, will more strictly review application for debt with debt-to-asset ratios exceeding 65 percent.


- The implanting of early rice in China is estimated to rise 1.13 million Mu from last year to 87.61 million Mu this year.

For Hong Kong and South China newspapers see.....

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