China to bolster state banks and insurers with $54 billion push

BEIJING, China: China is moving ahead with a combined US$54 billion capital boost for major state-owned banks and insurers, with the finance ministry leading the effort to strengthen capital across the country's financial system.

China Life Insurance (Group) Co, the country's largest life insurer, will receive 35 billion yuan ($5.2 billion), while China Taiping Insurance Group will get seven billion yuan, the tw