PRESS DIGEST - China - Oct 9

SHANGHAI, Oct 9 (Reuters) - Chinese newspapers available inBeijing and Shanghai carried the following stories on Tuesday.Reuters has not checked the stories and does not vouch for theiraccuracy.


-- China's Huawei Technologies Co Ltd denied areport that it plans to list on a U.S. stock exchange soon.

-- As of Oct. 8, Baoshan Iron & Steel Co(Baosteel) had bought back 131 million shares in a price rangeof 4.51 to 4.65 yuan per share.

-- Lu Thai Textile Co Ltd said it hadbought back 31.92 million B-shares in China as of Oct. 8. SHANGHAI SECURITIES NEWS

-- China's financial regulators plan to roll out a series ofpolicies over the next few months to encourage innovation andbusiness model transformation at the country's securitiesbrokerages, following on a conference in May, according tounnamed industry sources. The first new policy will expandbrokerages' freedom to open retail branches.

-- China plans to change the formula used to set the retailprice of refined oil products. The revised pricing plan beingconsidered includes shortening the price adjustment cycle,making adjustments more frequent and being responsive to changesin the price of crude oil, according to unnamed sources.


-- Chinese Premier Wen Jiabao said in the State Councilexecutive meeting that China should accelerate development ofthe service industries.


-- China Galaxy Securities, one of China's largestbrokerages, has gained approval from the State Council for dualmainland and Hong Kong listings as early as the end of thisyear.


-- China will toughen penalties for routine trafficviolations like running red lights or driving with invalidlicense plates. Running a red light will deduct six points fromthe driver's licence starting next year, up from three pointstoday. Drivers start with 12 points on their licence.

For Hong Kong and South China newspapers see.....($1 = 6.2872 Chinese yuan)

(Reporting by Shanghai Newsroom; Editing by Prateek Chatterjee)

((reuters@public.bta.net.cn)(Beijing newsroom, +86 106627-1277, fax +86 10 6601-3858)(Shanghai newsroom, +86 216104-1688, fax +86 21 6104-1728))


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