The Ministry of Finance, which led the move, had rarely injected capital into financial institutions at such magnitude, according to analysts.
China Life Insurance Company said it would receive 35 billion yuan to help strengthen its “ability to withstand risk”, according to its website.
Among banks, the Agricultural Bank of China planned to raise up to 160 billion yuan through a private placement of new A shares to the finance ministry, China National Tobacco Corporation and related subsidiaries, an exchange filing showed.
Industrial and Commercial Bank of China (ICBC) was targeting up to 100 billion yuan from the same group of investors, according to an exchange filing.
Recent top-level meetings have all called for more proactive fiscal policy to counter growth pressures, and capital injections into financial institutions are part of that fiscal toolkit
The Export-Import Bank of China, a policy lender known as Eximbank, was set to receive 30 billion yuan to “significantly enhance its capacity to support the real economy and opening up, while reinforcing its resilience in risk prevention”, according to state news agency Xinhua.
