Three financial industry associations in Shanghai on Tuesday urged financial institutions and employees to stabilise markets and provide financing to industries hit by COVID-19, as China's financial and commercial hub entered a fourth week of lockdown.
China's stock market has tumbled to two-year lows as the world's second largest economy grapples with COVID-19 flare-ups, the Ukraine crisis, and U.S. monetary tightening, with the main indexes down more than 20% so far this year.
In a joint statement, the Shanghai Securities Association, Shanghai Futures Association, and Shanghai Asset Management Association said financial firms should operate financial services continuously and guarantee the security of funds and transactions.
Professional institutional investors should demonstrate responsibility and actively play their roles by discovering value, stabilising markets and boosting market confidence, the associations said.
The associations also urged financial institutions to meet financing demand from healthcare firms' business in COVID-19 vaccines, testing kits and medicines.
(Reporting by Jason Xue and Andrew Galbraith, Editing by William Maclean)