China Injects 360 Billion Yuan Into 8 State Banks and Insurers as Growth Slows to 4.3%
Updated
Updated · BBC.com · Sep 7
China Injects 360 Billion Yuan Into 8 State Banks and Insurers as Growth Slows to 4.3%
3 articles · Updated · BBC.com · Sep 7
Summary
360 billion yuan ($53.6 billion) will be pumped into eight state-owned banks and insurers under a Finance Ministry-led plan to shore up the financial system and support the economy.
Xinhua said the capital will strengthen operating capacity, risk resistance and lending to the real economy, giving major lenders and insurers more room to absorb external shocks.
ICBC, Agricultural Bank of China and China Export & Credit Insurance Corporation are among the recipients as Beijing tries to stabilize finance while reshaping the economy.
China’s economy grew 4.3% in the second quarter, down from 5% in the first, as weak domestic demand and the Iran war’s effect on oil prices offset strong exports.
The move adds to Beijing’s broader response to trade tensions with the West, an aging population and a shrinking workforce after it cut its 2026 growth target to 4.5%-5%.