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PRESS DIGEST- China - Jan 7

Jan 7 (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.


- China must encourage securities traders to take responsibility for their sales, even as the principle of caveat emptor is strengthened, to build protection for small investors, said Xiao Gang, chairman of the China Securities Regulatory Commission at a meeting held on Tuesday.

- China should use capital markets to increase the growth of public pension funds, said Qi Bin, director of the China Securities Regulatory Commission's research centre recently.


- The sudden death of Li Ming, founder and chairman of Beijing Galloping Horse Media Co Ltd, may hamper its business prospects and impede the impending initial public offering, said industry analysts of the private entertainment and media firm.


- The China Banking Regulatory Commission will approve 3 to 5 pilot private banks this year, as part of its plans to further liberalize the financial markets, according to the regulator in a Tuesday meeting.


- China-located foreign banks plan to expand their advisory departments, as Chinese companies continue to expand abroad, said Ernst & Young on Tuesday.

- Most elevators checked for quality in Shanghai failed to pass safety tests, said the Shanghai Municipal Bureau of Quality and Technical Supervision. A total of 616 elevators were checked in six districts, with 393 needing overall fixing, 117 needing maintenance and 106 needing renovation.


- The landing of China's Jade Rabbit on the moon has successfully fulfilled an ancient nation's thousand-year dream, said a commentary in the paper that acts as the Party's mouthpiece. The landing highlights the country's commitment to aerospace innovation, it said.

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