China rolls out massive US$54b package for insurers, banks in financial powerhouse push
China rolled out a package of capital injections worth about 360 billion yuan (US$54 billion) on Sunday for the country’s largest state-owned insurers and state banks, marking a step towards Beijing’s long-flagged plan to build itself into a global financial powerhouse.
The Ministry of Finance, which led the move, had rarely injected capital into financial institutions at such magnitude, according to analysts.
China Life Insurance Company said it would receive 35 billion yuan to help strengthen...
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