"We firmly believe that China's economy will improve in the long term," wrote Li Yimei, chief executive officer of China Asset Management, one of several major firms that each vowed to allocate 200 million yuan to fund purchases this week.
The moves come after state fund Central Huijin bought stocks to stem declines in the equities market that last month hit its weakest since 2019 as sustained foreign selling took a toll. The promises by fund managers to increase investment in stocks also followed encouragement by some authorities to invest. China's social security fund urged investors to strengthen their counter-cyclical investment mindset last week.
Source: News Formal (newsformal.com)
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