China has injected approximately RMB 360 billion (US$53.4 billion) in capital into state-owned banks and insurance companies, in what has been described as Beijing "buying time with money" for a possible economic recovery.
On Sept. 6, three state-owned banks announced that they received a total of RMB 290 billion (US$43.2 billion) in capital injections from China's Ministry of Finance: Industrial and Commercial Bank of China, Agricultural Bank of China, and Export-Import Bank of China.
Combined with Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China—which had already completed their capital raises—all six major state-owned commercial banks have now received capital injections from the Ministry of Finance.
It is also the first time that Beijing has extended its capital injection program to insurance companies.
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