China to Inject $53 Billion into State Banks and Insurers to Bolster Economy

China announced plans to allocate approximately 360 billion yuan ($53 billion) to recapitalize its state-owned banks and insurers. This expansion of the support program aims to strengthen the financial sector amidst declining profitability, weak consumer demand, and a prolonged downturn in the property market, enabling these institutions to finance long-term investments.