Chinese State Firms Increase Stock Investments and Buybacks Amid Trade Tensions on April 8, 2024, to Stabilize Market

Beijing, April 8, 2024 - Chinese state holding companies, including China Chengtong Holdings Group and China Reform Holdings, pledged to increase share investments to stabilize the stock market amid US tariff concerns. This action follows Central Huijin's announcement to increase share holdings. On April 8, China's stock benchmark rebounded after a 7% plunge on April 7, driven by trade war fears. Chengtong will increase holdings in stocks and ETFs, while Guoxin plans an initial investment of 80 billion yuan ($14.8 billion) in tech companies and ETFs. Sinopec's parent company will buy shares worth at least 2 billion yuan. These measures aim to boost investor confidence and market stability.