will help further enhance their sound operating capabilities, risk resistance capabilities, and ability to serve the real economy,

China to pump $54bn into state banks and insurers to boost economy

The cash injection, which is being led by China's finance ministry, will total 360 billion yuan ($53. 6bn; £39. 7bn), state news agency Xinhua said on Sunday.

The move China's finance ministry has announced a $53. 6 billion cash injection into eight state-owned banks and insurance companies to help boost the country's slowing economy.

This move comes as Beijing is aiming to reshape its economy in the face of challenges such as a shrinking workforce and ongoing trade and technology rivalry with the US.

The cash injection, which will total 360 billion yuan ($53. 6bn; £39.

The move is part of Beijing's efforts to reinvigorate the world's second-largest economy and address issues including trade tensions with the West and an aging population.

China's economic growth slowed sharply between April and June, as weak domestic demand and the Iran war's impact on oil prices overshadowed exports.

Official GDP figures released in July showed China's economy grew 4. 3% in the second quarter, below Beijing's annual target, and after a 5% rise in the first quarter.

In March, Beijing cut its growth target to a range of 4. 5%-5%, its lowest economic expansion goal since 1991, a move some analysts say has given Beijing space to acknowledge pre-existing economic weakness.

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