Chinese authorities have announced plans to step up state investment in the country’s rapidly expanding exchange traded fund industry and grow the number of ETFs investing in the tech sector and small and medium-size enterprises.
The plans are part of a new stimulus package unveiled by China’s central bank and top financial and securities regulators on September 24, as the government strives to reignite growth and bolster the flagging stock markets in the world’s second-largest economy.
In a press briefing, Pan Gongsheng, governor of the People’s Bank of China, announced measures such as cuts to its benchmark interest rate, plans to shore up China’s beleaguered property market, as well as at least Rmb800bn ($113.76bn) of liquidity support to prop up the local equities market.