China's vice premier urges more support for listed firms amid market rout

BEIJING - Chinese Vice Premier He Lifeng on Monday (Jan 29) called for greater support for listed companies in an effort to help stabilise capital markets, the Xinhua News Agency reported, amid a protracted stock market rout.

Chinese policymakers have taken steps to support the country's stock markets following recent sharp falls.

"Listed companies are an important micro foundation for high-quality economic development," He said at a national video conference on promoting the development of listed companies.

"Promoting high-quality development of listed companies helps to achieve high-level technological self-reliance, accelerate the construction of a modern industrial system and enhance market confidence."

Government departments should step up support for high-quality listed firms to boost confidence and stabilise capital markets, the vice premier said.

He also addressed property financing at the conference, noting that localities should seize the opportunity to establish and efficiently operate urban real estate financing coordination mechanisms, the report added.

A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group dealing a fresh blow to confidence in the country's fragile property market as policymakers step up efforts to contain a deepening crisis.

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