China's finance ministry is injecting 360 billion yuan ($53.6bn; £39.7bn) into eight state-owned banks and insurance companies. This move, reported by state news agency Xinhua, is intended to bolster the country's financial system and stimulate its slowing economy.
The package will support three large lenders and five insurers, including the Industrial and Commercial Bank of China, the Agricultural Bank of China, and China Export & Credit Insurance Corporation. State news outlet the Global Times stated this will provide more resources for credit to the real economy and strengthen their ability to withstand external shocks.
This initiative is part of Beijing's ongoing efforts to revitalise the world's second-largest economy amidst challenges such as trade tensions, the impact of the Iran war, and an ageing population. China's economic growth slowed to 4.3% in the second quarter, following a 5% rise in the first quarter, and below Beijing's annual target.