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Manage Paulson, Chinese officials meet amid trade, currency tensions China to bar 30 companies from bank loans for pollution SAIC and Nanjing Auto move closer towards partnership China's first half summer grain output rises despite disasters Realty credit growth slows down, but mortgages soar sharply in Shanghai Official: EU bans on dangerous Chinese goods not protectionism carve out Bean products prices to increase tomorrow China's Alibaba confirms plan to list in Hong Kong Entrepreneurial numbers hit record level on the mainland SUVs sell faster but buyers eye gas prices Wife of Chinese tycoon sells stock shares after insider trading allegations UnionPay adds more merchants to boost use of bank cards Resources China's short-term foreign debt hits new high Chinese share prices refresh record despite new policy to curb excess liquidity Two of China's biggest automakers announce partnership Illgal government charges fuelling China's soaring house prices Chinese SOEs rake in first-half profits of 753.5 bln yuan Contractors help coal plants reduce emissions

Shanghai stocks plunge 3.81% on profit taking SHANGHAI, Aug. 1 -- SHANGHAI stocks today encountered the biggest single-day drop since July 5 as investors took profits after the market repeatedly hit new highs in the past few sessions. The index hit the psychological level of 4,500 in the morning session, but soon slid from the intraday record. The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, lost 170.47 points, or 3.81 percent, to close at 4,300.65. The Shenzhen Composite Index, which covers the smaller mainland stock market, lost 49.37, or 3.82 percent, to 1,241.95. The metals sector tumbled after several days of strong gains. Yunnan Copper, the country's third-biggest copper maker, dropped 3.9 percent to 47.01 yuan (US$6.22) per share. Aluminum Corp of China dropped 5.62 percent to close at 24.37 yuan. Bank and property stocks remained strong in the morning session with support from institutional investors, but were pulled down in the afternoon. Industrial and Commercial Bank of China, the country's biggest lender, dropped 3.66 percent to 5.53 yuan. Huaxia Bank Co Ltd slid 4.36 percent to 12.73 yuan while China Merchants Bank fell 2.21 percent to 29.15 yuan. Only Shanghai Pudong Development Bank and Bank of Ningbo shares gained among the listed banks. Pudong Development Bank gained 0.35 percent to 40.39 yuan and Bank of Ningbo rose 0.36 percent to 28.21 yuan. China Vanke, the country's biggest listed developer, grew 1.41 percent to close at 28.70 yuan. Xinjiang Ba Yi Iron & Steel Co dropped 6.78 percent to finish at 8.80 yuan. The company jumped by the 10-percent daily ceiling yesterday after Baosteel agreed to buy a 53 percent stake. Beijing Shougang Co, China's second-biggest producer of steel used in construction, plunged 7.86 percent to 6.92 yuan. MORE NEWS • China's short-term foreign debt hits new high • Plastic futures debut to boost China's petrochemical industry • Developer sets up new funds to tap China, India • Sinopec refineries pump out a profit • NDRC issues warning over food-price lifts • Steel deal has export targets • It's lucky eight as 3M reveals huge plans • Steps to rein in steel exports expected to gain traction

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