State-owned engineering rescue force China Anneng Construction Group mobilized 60 personnel and 25 units of specialized rescue equipment to the quake-hit Baqen County in southwest China’s Xizang Autonomous Region on Thursday.
Upon arrival, the rescuers immediately commenced operations, including disaster assessment, search and rescue, the establishment of relief centers, the transport of supplies, and initial response measures.
A 7.0-magnitude earthquake struck Baqen County of Nagqu City at 22:33 Thursday Beijing time (14:33 GMT), according to the city’s earthquake relief headquarters.
As of early Friday, the quake had killed 16 people and injured 65 others. Among the injured, 11 were in serious condition, while 54 sustained minor injuries, it said.
China's state-owned engineering rescue force rushes to quake-hit county in Xizang
China launched 18 actively managed exchange-traded funds (ETFs) on Friday, which could channel tens of billions of yuan into the A-share market, as it seeks to enrich the supply of public investment products and attract medium- to long-term capital into the market.
Unlike passive ETFs that track a specific index, these actively managed funds empower portfolio managers to make dynamic investment choices, aiming to outperform a benchmark index or achieve specific investment objectives.
As a major innovation in the development of China's ETF market over the past two decades, these 18 new funds will be available for trading on both the Shanghai and Shenzhen Stock Exchanges.
They will be issued by 18 top-tier domestic and international fund managers, including industry heavyweights such as China Asset Management, Southern Asset Management, E Fund, and JPMorgan Asset Management.
"The launch of the first batch of active ETFs fills a critical gap in domestic on-exchange active equity instruments. It not only meets the diversified allocation needs of retail investors, but also provides new investment vehicles for medium- to long-term institutional capital, such as insurance and pension funds. This will help cultivate a long-term investment philosophy among investors and further optimize the overall capital market ecosystem," said Tian Lihui, an academic committee member of the China Capital Market Society.
China's regulatory authorities first signaled their support for these products at the Lujiazui Forum in Shanghai this past June. Subsequently, on Oct 19, the China Securities Regulatory Commission officially approved their launch.
These new products enter a rapidly expanding market. As of the end of September, China's capital market boasted a total of 1,692 ETFs, with a combined net asset value reaching 4.92 trillion yuan (about 737 billion U.S. dollars).
China launches 18 active ETFs to woo long-term investors
