Beijing's stock support aims to fuel tech drive and sustain bull run

Beijing is taking steps to strengthen the $15 trillion stock market, aiming to create a stable bull market that promotes tech self-reliance and protects family savings. Just this Tuesday, the tech-driven Star Market 50 Index rose by 11%, bouncing back from a decline of over 20% the previous week. Major state-owned insurers, such as Ping An Insurance Group and China Life Insurance, have pledged to boost their investments in equities. Wu Qing, head of the China Securities Regulatory Commission, promised additional measures to boost market confidence, while two state investors poured roughly 60 billion yuan (around $8.9 billion) into stocks. According to Stephen Innes from SPI Asset Management, Beijing is determined to prevent any liquidation that might shake confidence or hinder its tech goals. Wu Jing from China Galaxy Securities noted that these actions and capital infusions would improve risk appetite and support Chinese assets.