January 23, 2025 at 03:00 am EST
(MT Newswires) -- Chinese stocks finished mixed on Thursday after the government said it plans to transfer hundreds of billions of yuan in investment from state-owned insurers into shares.
The Shanghai Composite Index, the main gauge of Chinese stocks, increased 1.37% or by 43.98 points to 3,257.61. The Shenzhen Component Index declined 0.49% or by 49.70 points to 10,176.17.
Authorities will call on Chinese insurers to invest at least 100 billion yuan in long-term funds into stocks in the first half, the report said, citing China Securities Regulatory Commission Chief Wu Qing.
The move is seen to aid the country's struggling stock market following US President Donald Trump's statement that he will slap 10% tariffs on Chinese goods beginning in February, Reuters reported Thursday.
PICC 's Shanghai shares closed 4% and China Life Insurance's (SHA:601628) finished 5% following the development.
Elsewhere, Beijing is set to impose a 1 million yuan cap on annual incomes of staff at central government-owned financial institutions as part of a push toward austerity among government-owned corporations, Reuters reported separately.
In corporate news, Fuling Technology finished 339% higher during the close of trading Thursday. The plastic and biodegradable tableware manufacturer offered 5.30 yuan apiece during its IPO.
Sumber : MT Newswires
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