China unveils steps to help boost stocks, sparking rally

Officials voice support following market tumble of more than 20% since start of year

The Shanghai Composite Index is down nearly 23% this year and has lost about 50% since its peak in June 2015.

DEAN NAPOLITANO, Nikkei Asian Review deputy editor

October 19, 2018 19:52 JST

HONG KONG -- Chinese stocks rallied on Friday after the government announced a series of new measures to shore up the country's battered financial markets, which are down more than 20% this year.

State-run media quoted top finance officials voicing support for struggling equities, and the head of the securities regulator said that Beijing would introduce new steps to help lift investors' confidence.