China injects €46.1 billion into state banks and insurers as growth slows
The Chinese finance ministry announced a €46.1 billion package to support financial institutions, with major banks receiving the bulk of the funds.
Beijing launched a financial intervention totaling 360 billion yuan (€46.1bn) to stabilize its economy as growth slows. State news agency Xinhua reported the finance ministry is advancing this package through private placements and government participation. The Chinese banks receive roughly 290 billion yuan (€37.2bn), a record portion of the total, intended to preserve their lending capacity for economic activity. Key recipients include the Agricultural Bank of China seeking up to 160 billion yuan (€20.5bn) via A-share private placement and the Industrial and Commercial Bank of China targeting 100 billion yuan (€12.8bn). Unusually, the China National Tobacco Corporation and the Export-Import Bank of China also participate, with the latter receiving 30 billion yuan (€3.85bn). Insurers account for the remaining 70 billion yuan (€9bn), split between China Life Insurance Group's 35 billion yuan (€4.5bn) and China Taiping Insurance Group's 7 billion yuan (€900mn). The finance ministry stated this injection would strengthen operating capabilities, risk resistance, and service to the real economy.
