China's state asset regulator to support firms with share buybacks

Reuters

Tue, Apr 8, 2025, 1:37 AM 1 min read

HONG KONG/BEIJING (Reuters) - China's regulatory assemblage for authorities assets said connected Tuesday it would enactment cardinal government-owned companies to summation their banal holdings and stock buybacks to mitigate the interaction of an escalating planetary commercialized warfare connected the country's banal market.

Several Chinese state-owned companies, including lipid elephantine Sinopec, person already announced plans to bargain backmost shares to bolster capitalist confidence.

The government's assets supervision and medication committee volition usher state-owned enterprises and their listed subsidiaries to safeguard the rights and interests of shareholders, and consolidate the market's assurance successful listed companies, it said successful a statement.

Last week, U.S. President Donald Trump introduced further tariffs of 34% connected Chinese goods arsenic portion of steep levies imposed connected astir U.S. commercialized partners, bringing the full duties connected China this twelvemonth to 54% and sending planetary banal markets tumbling.

The Chinese authorities has stepped up efforts to shield its system from planetary marketplace turmoil successful response.

Trump has besides threatened an further 50% tariff connected Chinese imports if China does not retreat the 34% levies connected U.S. goods it announced past week.

China's benchmark Shanghai Composite Index edged up connected Tuesday, recovering immoderate losses aft plunging much than 7% the erstwhile day.

(Reporting by Farah Master and Yukun Zhang; Editing by Rachna Uppal)