China has told state-owned insurance funds to invest more in the country’s stock market as authorities push to restore confidence against a gloomy economic backdrop, sending shares up on Thursday.
The announcement is the first time regulators have set explicit investment targets for mutual funds and state-owned insurance companies.
Starting this year, state-owned insurers will be encouraged to allocate at least 30 per cent of new premium income each year to Chinese shares, said Wu Qing, chair of the China Securities Regulatory Commission, on Thursday. Mutual fund managers will be urged to increase their holdings by 10 per cent annually over the next three years.
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