PRESS DIGEST -China - Oct 28

Reuters

SHANGHAI, Oct 28 (Reuters) - Chinese newspapers available inBeijing and Shanghai carried the following stories on Monday.Reuters has not checked the stories and does not vouch for theiraccuracy.

CHINA BUSINESS NEWS

- The Development Research Centre of the State Council, atop think-tank under China's cabinet, published a so-called "383report" in which it made proposals for reforms for the comingplenary meeting of the Communist Party of China in November,attracting widespread attention.

CHINA SECURITIES JOURNAL

- Nearly 1,600 of China's more than 2,000 listed companieshave published their third-quarter earnings results so far, withtheir combined net profits growing a better-than-expected 12.33percent due to increased sales, rising profit margins and lowercosts.

SHANGHAI SECURITIES NEWS

- Last week's launch of "loan prime rate", China's firstbenchmark lending rate based on the interest that banks lend totheir best clients, has laid a cornerstone for China to build amarket-oriented interest rate regime, economists said.

SECURITIES TIMES

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

CHINA DAILY

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

PEOPLE'S DAILY

- The government's decision to eliminate some registeredcapital requirements for establishing new companies reflects atrend to offer Chinese citizens more opportunities to launchtheir own businesses while tightening supervision of existingfirms, a commentary by this mouthpiece of the ruling CommunistParty of China said.

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

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