MNI China Press Digest, Aug 30: Banks, Fin'l Opening, Trade

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

Friday:

     Most Chinese big banks vowed to increase lending to support local

infrastructure investment and micro-businesses in their half-year result

releases, China Securities Journal reported. In the first half, Agricultural

Bank of China increased support for construction of important infrastructure

projects as well as high-tech sectors, while Industrial Bank said it

strengthened support for green finance, advanced manufacturing and consumption

areas, the newspaper said. Some banks stressed they won't simply stop lending to

companies which are suffering as China is deleveraging, Industrial and

Commercial Bank of China said it will help out companies which focus on their

core businesses and have favorable outlook, the newspaper said. Net profits of

26 A-shares listed Chinese banks rose 6.49% y/y to CNY826.67 billion, according

to the newspaper.

     China will accelerate the opening of its financial sector, with several

openings taking effect within this year, Economic Information Daily reported.

The Shanghai-London stock connect is expected to launch this year, and

shareholding restrictions on foreign investment in banks, futures and life

insurance companies will be lifted within this year, said the Daily. Since

April, Chinese authorities issued around 10 policies to expand openness and

market access for foreign investors to China's banking, insurance, securities,

investment funds and futures sectors, the newspaper said. 

     Chinese Vice Premier Liu He said China and Japan should defend free trade

rules and multilateral trade system, according to the official Xinhua News

Agency. In meeting with Japanese Deputy Prime Minister and Minister of Finance

Taro Aso on Thursday, Liu said unilateralism and trade protectionism harm global

development and people's interests, and China and Japan should further improve

bilateral relations, Xinhua reported. Protectionism doesn't benefit any

countries and all trade actions should follow WTO rules, Xinhua cited Aso as

saying.

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

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]