China announced plans on Thursday to channel hundreds of billions of yuan of investment from state-owned insurers into shares as part of the government's latest efforts to support a struggling stock market.

State-owned insurers and mutual funds are expected to play a pivotal role in the process of stabilizing the stock market.

Equities rally as authorities set explicit investment targets for mutual funds and state-owned insurance companies

Asian equities were higher, except for Hong Kong and Mainland China, which were off following President Trump’s 10% tariff threat, which prompted profit-taking after six days of gains.

State-owned insurers and mutual funds are expected to play a pivotal role in the process, the China Securities Regulatory Commission and the Ministry of Finance said in a press briefing.

China said on Wednesday it will guide big state insurers and commercial insurance funds to increase investments in the A-share market, in a latest move to boost its lagging stock market. Under a plan jointly released by six financial regulators including the securities regulator,