China prepares £40bn stimulus for financial sector amid fears over sluggish growth
- China will inject $54bn (£40bn) into its financial sector as Beijing attempts to shore up banks and insurers in the face of faltering economic growth.
- A host of financial institutions said they were due to receive billions of yuan in capital from state institutions including the ministry of finance and even the company that runs the country’s tobacco monopoly.
- The stimulus is designed to help China bolster the ability of its financial sector to invest in the stock market and lend to businesses, amid signs that the world’s second largest economy is struggling to escape weak growth.
Unverified
- China will inject $54bn (£40bn) into its financial sector as Beijing attempts to shore up banks and insurers in the face of faltering economic growth.
- A host of financial institutions said they were due to receive billions of yuan in capital from state institutions including the ministry of finance and even the company that runs the country’s tobacco monopoly.
- The stimulus is designed to help China bolster the ability of its financial sector to invest in the stock market and lend to businesses, amid signs that the world’s second largest economy is struggling to escape weak growth.
Sources: Guardian