Dec 11 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Wednesday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA SECURITIES JOURNAL

- China should phase out "aggressive" fiscal policy, said a commentary in the paper. The consequences of such measures include a high long-term budget deficit, coupled with high risk hidden local debts, it said.

CHINA BUSINESS NEWS

- China's GDP growth is estimated to hit 7.5 percent next year, according to a survey of industry experts polled by the paper. Most predictions were within the range of 7 to 7.5 percent, while some estimates came in between 7.8 percent and 8 percent.

SHANGHAI DAILY

- Shanghai plans to build a small reservoir on the Taipu River to supply water to five of the city's districts, after tests on the Huangpu River showed standards failed to reach national levels for tap water resources. Water from the Taipu reservoir will supply Shanghai's Qingpu, Jinshan, Songjiang, Minhang and Fengxian districts.

CHINA DAILY

- China is using the annual Central Economic Work Conference as a platform from which to launch reforms focused on sustainable growth, said a commentary in the paper. The country can no longer afford to pursue the growth-at-all-costs economic model as it has meant the sacrifice of the environment and improvement in people's livelihoods for fast expansion, it said.

PEOPLE'S DAILY

- China should unswervingly adhere to and develop socialism with Chinese characteristics, said a commentary in the paper that acts as the party's mouthpiece. Such commitment will lead to national revival and achieve dreams of glory for this generation of Chinese, it said.

For Hong Kong and South China newspapers see.....