October 28, 2013 / 12:31 AM / 4 years ago

PRESS DIGEST -China - Oct 28

SHANGHAI, Oct 28 (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.


- The Development Research Centre of the State Council, a top think-tank under China’s cabinet, published a so-called “383 report” in which it made proposals for reforms for the coming plenary meeting of the Communist Party of China in November, attracting widespread attention.


- Nearly 1,600 of China’s more than 2,000 listed companies have published their third-quarter earnings results so far, with their combined net profits growing a better-than-expected 12.33 percent due to increased sales, rising profit margins and lower costs.


- Last week’s launch of “loan prime rate”, China’s first benchmark lending rate based on the interest that banks lend to their best clients, has laid a cornerstone for China to build a market-oriented interest rate regime, economists said.


- The suspension of stock initial public offerings (IPOs) for the past year has deprived Chinese brokerages a key source of revenue, greatly hitting their income. Regulators quietly suspended IPOs last November to support the sagging domestic stock market.


- China’s largest private steel company, Shagang Group, plans to move away from steel as its primary business in less than three years amid a government campaign to cut huge steel glut in the country.


- The government’s decision to eliminate some registered capital requirements for establishing new companies reflects a trend to offer Chinese citizens more opportunities to launch their own businesses while tightening supervision of existing firms, a commentary by this mouthpiece of the ruling Communist Party of China said.

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

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