China to expand scheme allowing insurers to invest in stock market

(Reuters) - China will expand a pilot scheme allowing insurance companies to invest in stock markets, the head of the financial regulator said on Wednesday.

The country will approve the investment of an additional 60 billion yuan ($8.31 billion) from long-term insurance funds in the stock market, Li Yunze, head of the National Financial Regulatory Administration, told a news briefing.

The regulator will also take further steps to stabilise the property market, Li said.

($1 = 7.2237 Chinese yuan renminbi)

(Reporting by Beijing Newsroom; Editing by Christopher Cushing)