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A Chinese state investment fund promised to expand its purchases of stock index funds, signaling Beijing’s resolve to stabilize markets that have been sagging under heavy selling pressure from a property crisis and slowing economy. Shares in Shanghai and Hong Kong surged Tuesday after the announcement by Central Huijin Investment, a Chinese sovereign fund that owns China's state-run banks and other big government-controlled enterprises. The fund has stepped up buying of shares in big state-owned banks and other companies to counter heavy selling pressure in the Chinese markets, which have been trading at five-year lows.
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