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UPDATE 1-PRESS DIGEST - China - Aug 21
August 21, 2012 / 2:11 AM / 5 years ago

UPDATE 1-PRESS DIGEST - China - Aug 21

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BEIJING/SHANGHAI, Aug 21 (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.


-- A front-page editorial argues that market participants need not be overly concerned about risks caused by increased equity short selling that will occur as the result of new measures to encourage securities lending.


-- J.P. Morgan expects that China’s economy could bottom out in the fourth quarter of this year and recover in the beginning of the next year. Previously, it expected the domestic economy would recover in the third quarter of 2012.

-- China’s banking regulator has warned commercial banks to guard against credit, counterparty, and currency risk from foreign assets including European bonds and interbank loans and deposits with foreign banks. The paper reports that Chinese banks own a total of 4 trillion yuan of foreign bonds.


-- “Senior sources” say that China’s first mergers-and-acquisitions funds will be launched as soon as this August and that many institutions have applied to set up such funds.


-- China’s product quality watchdog has rejected the import of more than 70 kilograms of Heinz infant formula products from Australia because it allegedly contained excessive levels of vitamin B2.


-- The Chinese government plans to spend a total of 200 million yuan ($31.43 million) to promote the development of non-governmental organisations this year, the newspaper said citing an official with the Ministry of Civil Affairs.

-- China is deeply concerned about the escalating crisis in Syria and believes a political resolution is the way to solve the crisis, State Councillor Dai Bingguo said.

For Hong Kong and South China newspapers see..... ($1 = 6.3585 Chinese yuan) (Reporting by Beijing and Shanghai Newsrooms; Editing by Jijo Jacob)

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