China prepares £40bn stimulus for financial sector amid fears over sluggish growth
Summarized by DistantNews. Read the original for the full story.
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New plan
- China plans to inject $54 billion, or £40 billion, into its financial sector as economic growth falters.
- Banks and insurers are expected to receive capital from state institutions, including the finance ministry and the company operating the tobacco monopoly.
- Beijing wants financial institutions to strengthen investment in the stock market while replenishing their cash reserves.
China is preparing a $54 billion, or £40 billion, injection into its financial sector as Beijing tries to shore up banks and insurers amid concerns about sluggish economic growth.
A number of financial institutions are expected to receive billions of yuan in capital from state bodies. Those institutions include the ministry of finance and the company that operates China’s tobacco monopoly.
The plan also calls on banks and insurers to bolster investment in the stock market while the government helps replenish their cash reserves.
About this summary
Originally published by The Guardian. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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