"China Considers $278 Billion Stock Market Support Amid Market Turmoil"

China is reportedly considering a $278 billion rescue package, primarily through offshore accounts of Chinese state-owned companies, to stabilize its struggling stock markets. This comes after mainland China's CSI 300 index fell 11.4% and Hong Kong's Hang Seng index dropped nearly 14% in 2023. Chinese Premier Li Qiang emphasized the need for powerful and effective measures to stabilize the market and confidence, but no further details about the plan have been released. This potential move follows China's previous stance of not relying on massive stimulus for economic development.