China state firms pledge to boost share purchases to calm markets

The announcements by companies including
Investment by Huijin and other state investors "will not only provide direct liquidity support and break the vicious cycle, but also send a signal to calm market nerves."
Chengtong said its investment units would increase holdings in stocks and exchange-traded funds (ETFs) to safeguard market stability.
"We are firmly optimistic toward the growth prospects of
Another state holding company,
SHARE BUYBACKS
Meanwhile, a growing number of listed companies - many controlled by the government - unveiled plans to buy back shares.
Oil giant Sinopec said its state-owned parent plans to buy its
Other listed firms that unveiled share buyback plans include Intco Recycling Resources Co,
Such moves were encouraged by regulators.
State fund Huijin said on Tuesday it has ample liquidity and smooth financing channels to help it suppress abnormal market volatility in its role as market "stabiliser".
"Central Huijin has adequate confidence and competence to resolutely maintain smooth operation of the capital market," Huijin said in a statement.
"We will act decisively when needed."
Separately,
(
(Reporting by
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