China earmarks 80 mln yuan for Xizang quake relief, recovery efforts

China has allocated 50 million yuan (about 7.5 million U.S. dollars) in emergency disaster relief funds and earmarked another 30 million yuan for recovery efforts following a 7.0-magnitude earthquake in southwest China's Xizang Autonomous Region.

The earthquake struck Baqen County of the city of Nagqu at 22:33 on Thursday, leaving 16 people dead and 65 injured.

The Ministry of Finance and the Ministry of Emergency Management jointly allocated 50 million yuan to support rescue operations and assistance to affected residents, while the National Development and Reform Commission earmarked the additional 30 million yuan from the central budget to help restore damaged infrastructure and public service facilities.

The country has also upgraded its national earthquake emergency response from Level IV to Level III, while activating a separate Level-IV national natural disaster relief response.

China's national comprehensive fire and rescue force has dispatched a total of 350 rescuers and 83 vehicles for rescue operations. The emergency management ministry has guided Xizang's emergency management department in arranging for Wing Loong drone deployment to the quake-hit area for disaster reconnaissance.

Following the disaster, injured residents from heavily affected areas, including Maru and Gangqie towns, have been transferred to the People's Hospital in nearby Sog County, roughly 50 kilometers from the epicenter, for treatment.

Designated as a key medical facility for the affected population, the hospital is providing medical treatment as well as hot meals and basic supplies.

State energy firms launched safety checks on local gas stations following the earthquake, reporting no major safety hazards or leaks.

By 07:00 Friday, China National Petroleum Corporation had dispatched 12 tankers carrying 231 tons of fuel to Baqen and Sog counties, and Sinopec opened emergency channels at fueling stations along key routes to the disaster zone.

A critical rescue route along National Highway 317 between Sog County and Biru County was reopened to traffic at 03:00 Friday after a rockfall-blocked section was cleared.

Meanwhile, passenger trains along affected sections of the Qinghai-Xizang Railway have resumed operations under speed restrictions after a temporary service halt.

China earmarks 80 mln yuan for Xizang quake relief, recovery efforts

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