MNI China Press Digest Oct 31: Economy, Foreign Inv't, Bailout

     BEIJING (MNI) - The following lists Wednesday's highlights from the Chinese

press:

     The Chinese economy has withstood external difficulties and is moving

toward high-quality development, said People's Daily in a commentary on

Wednesday, downplaying the sluggish Q3 economic data. China's economy is

operating in a reasonable range in terms of growth, employment, prices and

incomes, the newspaper said citing Gao Lingyun, a researcher at the Chinese

Academy of Social Sciences.

(Link to the story: https://bit.ly/2Oh2szs)

China is still a hotspot for attracting foreign investment, the Economic Daily

said in a commentary published on Wednesday, dispelling rumors that some

investors began to withdraw foreign capital from China. Foreign investors

continued to keep money in China, and China has optimized the use of foreign

capitals, with more foreign funds gradually moving to high-tech manufacturing

from the low-end manufacturing, the daily said.

(Link to the story: https://bit.ly/2ESX5XI)

     Two districts of the Beijing municipality have set up total CNY35 billion

funds to help local companies gain liquidity amid the recent A-share stock

market rout, Beijing Daily reported. Xicheng district will launch a

CNY10-billion fund pledging against equities or convertible bonds. The capital

injected through the fund will not seek controlling rights of companies or

interfere with their operations, and will be withdrawn once the current

liquidity crisis is over, the daily said. Chaoyang district will integrate all

fund resources totaling CNY25 billion to support corporate financing, especially

for private enterprises in cultural, scientific and technology sectors, the

newspaper said.

(Link to the story: https://bit.ly/2OWYUaF)

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

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

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