Beijing wants banks and insurers to bolster investment in stock market as it helps to replenish cash reserves China will inject $54bn (£40bn) into its financial sector as Beijing attempts to shore up banks and insurers in the face of faltering economic growth. A host of financial institutions said they were due to receive billions of yuan in capital from state institutions including the ministry of finance and even the company that runs the country’s tobacco monopoly. Continue reading… The Guardian
Tag: Insurance industry
UK drivers struggle to get insurance for Chinese EVs such as Jaecoo
UK insurers are more hesitant to cover some hybrid and electric vehicles (EVs) from China than cars from other countries, research suggests. While some drivers can save money by buying cars made in China, they may have more limited options to get insurance than those buying electric, hybrid and petrol cars from Europe, the US and South Korea. And when policies are available, they can sometimes cost almost twice as much as those for similar petrol vehicles from outside China. Chinese brands such as BYD, XPeng and Jaecoo have become…
China calls for vessels in strait of Hormuz to be protected amid soaring shipping costs
The Chinese government has called for vessels passing through the strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared. Maritime traffic through the strait – a narrow channel on Iran’s southern border that connects the Persian Gulf with the Gulf of Oman – has effectively been closed since the US and Israel launched missile attacks on Iran at the weekend, prompting a retaliation from Tehran. Beijing’s foreign ministry on Tuesday urged “all parties to immediately cease military operations, avoid escalating…