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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$$$]
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
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