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China's relevant departments, state-owned capital operation firms and several central state-owned enterprises (SOEs) pledged on Tuesday to resolutely safeguard the stable operation of the country's capital market.
The People's Bank of China, or the central bank, pledged to firmly support Central Huijin Investment Ltd. (Central Huijin) in increasing its holdings of stock index funds and to provide sufficient re-lending support when necessary.
Central Huijin, a state-owned investment company, has consistently served as a crucial strategic force in stabilizing the capital market, akin to a Chinese version of a stabilization fund.
The company has emphasized its firm confidence in China's capital market prospects and has noted its full recognition of the current investment value of A-shares. It will also intensify its buying efforts and ensure a balanced investment structure.
China's financial regulatory authority, the National Financial Regulatory Administration, has unveiled measures to increase the upper limit of the equity asset allocation ratio. These measures involve a five percent raise in the equity investment ratio for specific solvency ratio tiers. This initiative is geared towards broadening the scope for equity investments and enhancing support for both the capital market and the real economy.
The National Council for Social Security Fund, which handles the assets of the National Social Security Fund, said it has recently increased its holdings of domestic stocks, and will continue to increase the holdings in the near future.
This strategy aims to actively participate in stock investments while ensuring the safety and appreciation of the fund's value.
Several central SOEs, including China Chengtong Holdings Group Ltd., a capital operation company under the country's state-assets regulator, and China Petroleum and Chemical Corporation, have issued announcements actively engaging in share purchases and buybacks.
China's State-owned Assets Supervision and Administration Commission of the State Council (SASAC) said it fully supports central SOEs in such move to safeguard shareholders' rights and consolidate market confidence.