China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.

Haitong Securities to buy stake in Taifook — 21cbh.com

A battle for Taifook Securities Group, based in Hong Kong, was brought to an end as Haitong Securities, a major Chinese brokerage firm, announced yesterday that its investment arm in Hong Kong will buy a 52.86 percent stake in the firm at HK$4.88 (US$0.62) per share.

The HK$1.8 billion purchase will make Haitong Securities the largest shareholder of Taifook. This is the first stake transaction between the mainland and Hong Kong brokerage firms.

7 Days Inn celebrates with New York debut — Beijing Morning Post

7 Days Inn made its debut on the American Stock Exchange last Friday, raising US$111 million and making itself the first domestic economy chain that went public on the NYSE.

Boosted by the company's public float, the chain's reclusive director He Boquan and CEO Zheng Nanyan saw their assets inflated to 1 billion yuan (US$146 million) and 370 million yuan (US$54 million), respectively.

7 Days Inn is the third economy chain that sought listing after Home Inns and Jinjiang Inns.

Over 10% growth possible in 4th quarter — China Securities Journal

Yu Bin, a senior economist with the State Council Development Research Center, estimates that the GDP in the fourth quarter will grow over 10 percent, moving the whole year's GDP rate to 8.5 percent.

"The government should adopt a sound policy for economic growth and price next year," said Yu. "Overall, next year's macro-economy policy is unlikely to change broadly, but there should be leeway for the government to adjust policy in accordance with the domestic and international situations."

Steel industry faces serious overcapacity — People's Daily

Statistics show that the steel industry is burdened with the most serious overcapacity when compared to other major industries, as its annual production capacity has reached up to 660 million tons. With an additional 58 million tons under construction, the final figure is more than 700 million tons, making the supply exceed demand by about 200 million tons.

"It is very dangerous for the steel makers, and it will take a heavy toll on the whole industry if there are no efforts made to rein in the overcapacity," said the head of sales for Wuhan Iron and Steel Corp.

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