China Boosts Insurance Investments in Stock Markets

China plans to expand a pilot scheme for insurance companies to invest in stock markets, injecting an additional 60 billion yuan into the economy. The initiative by Li Yunze, head of the National Financial Regulatory Administration, aims to enhance market stability, particularly in the property sector.

China is set to amplify its pilot project enabling insurance companies to venture into stock market investments, as disclosed by the financial regulator's chief on Wednesday.

The nation has decided to permit the investment of an extra 60 billion yuan ($8.31 billion) from long-term insurance funds into the stock market, Li Yunze, head of the National Financial Regulatory Administration, announced during a news briefing.

In addition, the regulator will implement further measures to stabilize the property market, according to Li. The current exchange rate stands at $1 to 7.2237 Chinese yuan renminbi.

(With inputs from agencies.)