China to Issue RMB 300 Billion Special Bonds to Support Core Tier 1 Capital of Eight Financial Firms

The Ministry of Finance will issue RMB 300 billion in special treasury bonds in the near future, to be used to support eight central financial enterprises in replenishing their core Tier 1 capital. The eight enterprises are Industrial and Commercial Bank of China, Agricultural Bank of China, Export-Import Bank of China, China Export & Credit Insurance Corporation, People's Insurance Company of China, China Life Group, China Taiping, and China Reinsurance (Group) Corporation. On September 6, the above enterprises each issued capital increase plans.