MNI China Press Digest, April 29: Steel, Manufacturing, IPO

     BEIJING (MNI) - The following lists highlights from Chinese press reports

on Monday:

     Steel producers' enthusiasm to expand production amid infrastructure

stimulus  could undermine earlier policies focussed on cutting overcapacity,

reported Xinhua News Agency. Xinhua pointed to data that China's steel output

hit another high in Q1 following last year's record high. Citing Qu Xiuli, VP of

the China Iron and Steel Association, the Xinhua report said that big increases

in output would exceed market demand and squeeze profits. Xinhua also cited Li

Xinchuang, director of the China Metallurgical Industry Planning and Research

Institute, who said it was imperative to establish a long-term mechanism to

prevent overcapacity in the industry.

     China is expected to accelerate the release of new policies to promote the

development of the high quality manufacturing industry, the China Securities

Journal said in a front-page report today. These policies will focus on

developing advanced manufacturing clusters, applying leading information

technology in the sector and improving the business environment for the

industry, the newspaper said. The development of high quality manufacturing will

be one of China's key tasks in the near future and is expected to help underpin

economic growth, the newspaper said.

     China's top securities regulator has not relaxed profit requirements for

IPO approvals, according to a spokesman for China Securities Regulatory

Commission quoted on the official website on Saturday. The CSRC would strictly

control the quality of listed companies in areas such as corporate governance,

standardized operations and information disclosure, the spokesman said.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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