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Xiao Yuanqi, spokesman of China Banking and Insurance Regulatory Commission (CBIRC), said on Tuesday, China will encourage the development of annuities and endowment insurance to diversify people’s investment into the stock market, Reuters reported headlines from the Chinese government-backed Securities Times.

Key Quotes:

“The key consideration is to cultivate a multi-layer capital market.”

“There’ll be part of savings flows to the institutional investors for sure, then the professional investors can allocate those funds to bonds and equities investment.”

“We didn’t mean to encourage direct purchase of shares from household savings.”

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