China's National Team injects $57 billion into local equities ETFs

China’s 'national team' of major state-backed financial services companies has injected Rmb410bn ($57bn) into local equities exchange traded funds (ETFs) this year to stabilize the stock market. Analysts at UBS estimated that ETFs tracking the CSI 300 Index accounted for over 75% of the inflows, with potential for further increase. The 'national team' participants include Central Huijin Investment, part of China’s $1.2tn sovereign wealth fund China Investment Corporation, which is supporting the beleaguered stock market. This investment follows Chinese state policymakers’ market-boosting measures to shore up the struggling $9.7tn stock market.