MNI China Press Digest, Oct. 24: Industry, RRR Move, Housing

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

Wednesday:

     China's industrial economy is still operating at a reasonable level and

there is no need for great concern, the People's Daily said Wednesday,

downplaying the downward pressure on the country's industrial growth. There is

an increasing downward pressure on China's industrial development amid the

current turmoil, said the spokesman of the Ministry of Industry and Information

Technology during a presser Tuesday. Sluggish global growth, volatile global

financial market, the pain of China's structural reform and the escalating

Sino-US trade spat have all weighed on the industrial economy, said Xin Guobin,

deputy Minister of Industry and Information Technology. But China is confident

in can withstand the headwinds via its large market and support system for

industrial production, Xin added. (Link to the story: http://suo.im/51PamQ)

     The proposed "triangular support framework" recently put forward by the

State Council's Financial Stability Development Committee will focus on the

policy goal of stabilizing growth and eliminating risks, said Huang Yiping, vice

president of the National Development Research Institute of Peking University,

in an interview with The Paper. Reiterating the implementation of a prudent and

neutral monetary policy is a signal, aiming to reduce the market expectation of

further loose monetary policy, said Huang, who is also chairman of the China

Finance 40 Forum's academic committee. The Financial Stability Development

Committee meeting has first proposed forming a "triangular support framework"

between a prudent and neutral monetary policy, small and medium-sized

enterprises and private firms, as well as the capital markets, The Paper said.

(Link to the story: http://suo.im/4wZUll)

     Several Chinese local governments, including Shenzhen, Beijing and

Jiangmen, have put forward measures to provide liquidity for listed companies

amid the recent market turbulence, with the total amount of funds expecting to

reach hundreds of billions of yuan, the Securities Daily reported on Wednesday.

State-owned enterprises(SOEs) have become a main player in bailing out listed

companies short of liquidity, mainly by buying up their shares, said Tang Chuan,

research head of the 360 Financial PPP Research Center. Supporting private

companies through direct investment is a quicker way to get funds through, while

industry leaders will be the first to receive support from the SOEs and local

financial system, Tang added. (Link to the story: http://suo.im/4Tyn80)

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

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

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