SHANGHAI -- Executives at China's Ping An Insurance on Thursday struck an optimistic tone over the country's stock market, after the company reported a jump in earnings, even as it lowered its assumed investment returns due to falling interest rates.
Stabilizing the equities market is a key objective in a Chinese government "action plan" to buoy incomes and boost consumption, released on Sunday. Authorities see long-term institutional investors like insurance companies as a key enabler of this effort. In January, the China's Securities Regulatory Commission said large state-owned insurance companies will "strive" to invest 30% of their new premium income in mainland-listed shares, starting this year.
