China is injecting 360 billion yuan ($53.6bn; £39.7bn) into eight state-owned banks and insurers, a move led by the finance ministry to strengthen the financial system as economic growth slows. The package comes as Beijing grapples with weak domestic demand, a shrinking workforce, a prolonged property market downturn, and trade and technology tensions with the United States, all of which have put pressure on the world's second-largest economy.

The funds will go to three major lenders and five insurers, including the Industrial and Commercial Bank of China, the Agricultural Bank of China and China Export & Credit Insurance Corporation, with state media saying it will boost their capacity to lend and withstand external shocks. It follows figures showing GDP growth slowed to 4.3% in the second quarter, down from 5% in the first quarter and below Beijing's official target range of 4.5%-5%, which was itself cut in March to its lowest level since 1991.