China to pump $54bn into state banks and insurers to boost economy

State news outlet Global Times said this "will give banks and financial institutions more resources to channel into credit for the real economy, while strengthening their ability to withstand external shocks at a time of global financial uncertainty".

The outlet said the move "will help further enhance their sound operating capabilities, risk resistance capabilities, and ability to serve the real economy".

China is pumping tens of billions of dollars into eight state-owned banks and insurance companies to help shore up the country's financial system and boost its slowing economy.