UPDATE 1-PRESS DIGEST - China - May 12

(Adds items)

BEIJING/SHANGHAI, May 12 (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.

CHINA SECURITIES JOURNAL

-- A China Securities Regulatory Commission official said the regulator would strengthen its checks of brokerage account management after it found 127,500 brokerage accounts that should be disqualified under securities rules, accounting for 0.11 percent of A-share brokerage accounts, due mainly to account inactivity.

-- China's ambitious project to build large commercial jets will promote technologies in a range of important sectors and upgrade China's aircraft industry, Premier Wen Jiabao said in a commentary released via Xinhua News Agency. China established its first company to manufacture large jetliners on Sunday.

-- The Shanghai Gold Exchange is considering launching trade in gold spot options to attract more investors to the country's largest physical precious metals exchange, said exchange Chairman Shen Xiangrong.

-- China will not make further cuts in export tax rebates on textile products, said Du Yuzhou, president of the China National Textile and Apparel Council, as the industry confronts weakening profits. The rebate has been decreased to 11 percent from 17 percent.

SHANGHAI SECURITIES NEWS

-- The Shanghai Stock Exchange has told listed companies to immediately notify in writing any shareholders holding a 1 percent stake or more under lock-up conditions of the need to adhere to rules on share sales.