BEIJING - China will encourage the development of annuities and endowment insurance to diversify people's investment into the stock market, instead of direct share purchases from savings, the government-backed Securities Times said.
"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," Xiao had said in a media briefing on Monday .The media briefing was held days after a statement from the banking and insurance regulator that it would promote the conversion of household savings into long-term funds in the capital markets.
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