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PRESS DIGEST-China - Sept 10

SHANGHAI, Sept 10 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Wednesday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA SECURITIES JOURNAL

- Xiang Junbo, chairman of the China Insurance Regulatory Commission, said the commission will make efforts to cut taxes in the insurance sector, which will help free up some 8 trillion yuan ($1.30 trillion) that can be used for urbanisation.

SHANGHAI SECURITIES NEWS

- Carbon fibre, rare earth and high-temperature resistant metallic materials may soon be included in the list of resources supported by the government, according to a source close to the Ministry of Industry and Information Technology. The government is considering a comprehensive framework, including subsidies, risk management and an improved tax system to support the development of the sector.

SECURITIES TIMES

- The China Banking Regulatory Commission Chairman Shang Fulin said the commission will set up a new method to evaluate the liability and management of commercial banks.

SHANGHAI DAILY

- Subdued buying sentiment continued to cloud Shanghai's housing market in the first week of September despite the arrival of the traditional high season for property sales. The purchases of new homes, excluding government-subsidised housing, dropped 35.4 percent from a week earlier to 136,600 square metres, Shanghai Uwin Real Estate Information Services said in a report.

- Premier Li Keqiang said that recent anti-trust probes had not targeted specific firms or industries, and that foreign companies accounted for just 10 percent of those involved. By increasing monitoring, China has tried to cultivate a fair and competitive business climate, he told a group of business leaders ahead of the Summer Davos forum.

CHINA DAILY

- China plans to establish a security fund for its trust industry, which has about $2 trillion under management, as repayment risks accumulate. The fund, to be established by the China Trustee Association and its members, will monitor industry risks and participate in the disposal of assets and restructuring of trust companies that are closed or suspended, the newspaper said, citing people it didn't identify.

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

(1 US dollar = 6.1362 Chinese yuan) (Reporting by Chen Yixin and Fayen Wong; Editing by Prateek Chatterjee)