People stand at a shopping mall near the CCTV headquarters and the China Zun skyscraper, in the central business district (CBD) of Beijing, China, September 7, 2023. REUTERS/Tingshu Wang//File Photo Acquire license rights
Oct 12 (Reuters) - China is considering creating a state-backed stabilization fund to shore up confidence in its stock markets, Bloomberg News reported on Thursday.
Financial regulators, including the China Securities Regulatory Commission (CSRC), recently submitted a draft plan to the country's top leaders after at least two rounds of consultations with industry participants over several months, the report said citing people. familiar with the matter.
The plan calls for the fund to have access to total capital of up to hundreds of billions of yuan, the report said, adding that implementation details have not been finalized and there could be a chance the proposal could be scrapped.
The move comes as China's "Big Four" state-owned banks said late on Wednesday that their controlling state shareholder Central Huijin Investment bought their Shanghai-traded shares and plans to further increase its holdings in the next six months.
Reporting by Jyoti Narayan in Bengaluru; Editing by Sonali Paul
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