May 27, 2014 / 2:40 AM / in 4 years

PRESS DIGEST - China - May 27

May 27 (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.


- The insurance industry’s total assets have exceeded 9 trillion yuan ($1.44 trillion) so far, sources close to the China Insurance Regulatory Commission (CIRC) said. Risk management will be a priority for the regulator for the year.

- Investigations of insider trading in the fund management industry should be formalised despite possible shocks to publicly offered funds, the newspaper said in an editorial.

- Moody’s Investor Service downgraded its outlook on China’s property development sector to “negative” from “stable” amid growing pessimism about the industry among foreign investors.


- The preferred share issuance plan by Shanghai Pudong Development Bank Co Ltd has won shareholders’ approval. The fundraising is aimed at supporting its transformation into a large bank and achieving a more balanced structure involving its wholesale, retail and capital businesses.


- China’s central government published its plans and targets for energy saving for this year and the next. Energy-saving services will be regulated under the “negative list”, which explicitly sets business boundaries and opens the gates for a wider range of unlisted companies.


- New loans of China’s “big four” state-owned banks have only reached 130 billion yuan as of May 25, sources said.


- The U.S. Justice Department indicted five individuals of the People’ Liberation Army, saying they had hacked into the computers of U.S. companies for the benefit of Chinese state-owned enterprises (SOEs). The act is seen as Washington’s attempt to draw a fine line between spying to benefit particular companies, which it regards as illegitimate, and spying to benefit the economy, which it seems to regard as legitimate.


- As of the first quarter of 2014, 53 SOEs have invested in 685 projects in Xinjiang, with the actual investment amount reaching 590.4 billion yuan.

For Hong Kong and South China newspapers see..... ($1 = 6.2392 Chinese Yuan) (Reporting by Shanghai Newsroom; Editing by Anupama Dwivedi)

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