Chinese shares jump as Beijing steps up moves to boost sagging markets

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — China has redoubled efforts to revive its wobbling financial markets, with a major Chinese state investment fund promising to expand its purchases of stock index funds. The moves signal Beijing’s resolve to end a downturn and restore confidence in the economy. Shares in Shanghai and Hong Kong surged Tuesday after Central Huijin Investment, a Chinese sovereign fund, pledged to step up buying of shares in big state-owned banks and other companies. That followed a promise by China’s market regulator to crack down on market manipulation, insider trading and other abuses and protect smaller investors who usually account for the majority of trading in the Chinese markets.