Beijing backs banks and insurers with a $53bn capital infusion

Beijing is injecting RMB360bn ($53bn) into eight state-owned banks and insurers to shore up profitability and create buffers for growth, expanding last year’s recapitalisation plan to cover insurers and policy lenders; funding from the finance ministry and state tobacco firms aims to bolster capital and attract long-term institutional money, even as weak consumption, a property slowdown and low rates keep margins under pressure, with some share-price declines following the announcements.