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Financial giants gain capital injection

China's Ministry of Finance is injecting 300 billion yuan ($44.7 billion) into three state-owned banks and five major insurers, broadening a government recapitalization drive as policymakers seek to strengthen financial institutions against mounting economic and market risks. Of the total, 230 billion yuan will go to banks and 70 billion yuan to insurers, according to announcements Sunday from the institutions. The funding will come from special treasury bonds issued by the ministry. The move also marks the first time Beijing has used the fiscal tool to recapitalize insurance companies.