March 20, 2012 / 1:32 AM / 6 years ago

PRESS DIGEST - China - March 20

BEIJING, March 20 (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.

FINANCIAL NEWS

-- Commerce Minister Chen Demin told a forum that the United States should expand its exports to resolve the trade imbalance between two countries and reaffirmed that the United States should lift its control over exports of military products for civil use to China.

CHINA DAILY (www.chinadaily.com.cn)

-- Premier Wen Jiabao told the China Development Forum that the government is pushing forward policy innovations and regulations to make the yuan float more freely, and the currency will be freely convertible “at the right time”.

-- The heads of China’s four leading insurers - China Life Insurance Co Ltd, People’s Insurance Company of China Ltd, China Taiping Insurance Group Co Ltd and China Export and Credit Insurance Corp - have been promoted to the vice-ministerial level, from their previous bureau level. Analysts said the reforms and personnel changes pave the way for a regulator of state-owned financial assets.

--President Hu Jintao will attend the second Nuclear Security Summit in Seoul and a New Delhi, Mar 26 to 29, meeting of leaders from the BRICS nations, which groups Brazil, Russia, India, China and South Africa. This will be his first overseas trip of the year.

PEOPLE‘S DAILY

-- The city of Beijing has crack downed on six underground banks and seized 64 suspects suspected of illegally lending money worth 5 billion yuan ($790.73 million) in 2011.

-- Five ministries are carrying out a nationwide campaign against irregular fees charged by large retailers and supermarkets against suppliers.

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

$1 = 6.3233 Chinese yuan Reporting by Beijing and Shanghai Newsrooms; Editing by Michael Perry

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