Four Chinese regulatory agencies have issued a joint statement “encouraging” listed companies to hand out more dividends, buy back their own shares and carry out more mergers and corporate restructurings to boost slumping share prices.
The statement from the finance ministry and the regulators in charge of securities, banking and state-owned assets was issued after Beijing’s decision to end its large-scale but unsuccessful programme of direct stock purchases.
State-owned funds and financial institutions have spent more than $200bn since early July trying to prop up the market but benchmark indices have still fallen 40 per cent from their peak of early June.
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