China to Inject $54bn Into Banks and Insurers Amid Growth Concerns

China plans to inject $54bn (£40bn) into its financial sector, according to a report by The Guardian, as authorities in Beijing seek to shore up banks and insurers amid concerns over slowing economic growth.

Several financial institutions said they are due to receive billions of yuan in capital from state institutions, including the ministry of finance, the report said.

Among the contributors named was the company that operates China's tobacco monopoly, according to the report.

The Guardian said Beijing wants banks and insurers to increase their investment in the stock market as part of the effort, which is also intended to help replenish cash reserves at these institutions.

The move comes as China faces continued questions about the pace of its economic recovery, the report noted.