UPDATE 1-PRESS DIGEST - China - Aug 22

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BEIJING/SHANGHAI, Aug 22 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Friday. Reuters has not checked the stories and does not vouch for their accuracy.

FINANCIAL NEWS

-- The insurance regulator ordered all insurers to examine their asset quality and investment portfolio and file reports to the watchdog.

CHINA DAILY (www.chinadaily.com.cn)

-- China's top economic planner will see the focus of its work shifted to ensuring balanced economic growth and the number of its leading officials more than halfed, according to a plan approved by the central government.

-- Officials' applications to make overseas trips will be subjected to tighter scrutiny to avoid the abuse of public funds, the National Bureau of Corruption Prevention said on Thursday.

PEOPLE'S DAILY

-- President Hu Jintao of China sent a message to Spanish King Juan Carlos on Thursday to mourn those killed in Wednesday's deadly plane crash in Madrid.

CHINA SECURITIES JOURNAL

-- For the 1,044 listed companies which have so far reported first-half earnings, combined net profits have risen 46 percent from a year earlier, with earnings per share up 26 percent.

SHANGHAI SECURITIES NEWS

-- More than 10 business groups from around the country have applied to open new insurance or life insurance businesses.

-- The stock trading tax brought in 4.97 billion yuan ($726 million) in July, down 72 percent from a year earlier because of slumping turnover in the stock market.

-- Analysts say the stock market's behaviour yesterday, when it pulled back sharply with Sinopec (600028.SS: Quote, Profile, Research, Stock Buzz) tumbling 6.56 percent, suggested some big players were deliberately pushing the market down in the hope of buying back at attractive prices later.

-- Since the start of July, about 15 big shareholders in listed companies have extended loans to those companies to support their operations, of amounts ranging from 17 million yuan to over 2 billion yuan.  Continued...