China is injecting 360 billion yuan ($53.6 billion) into eight state-owned banks and insurers through a finance ministry-led package intended to strengthen balance sheets, risk resilience and lending to the real economy. Banks account for roughly 290 billion yuan, including up to 160 billion yuan for Agricultural Bank of China, up to 100 billion yuan for Industrial and Commercial Bank of China and 30 billion yuan for Export-Import Bank of China. The finance ministry is among the investors, alongside China National Tobacco Corporation in the bank transactions. Insurers account for the remaining 70 billion yuan, including China Life Insurance Group, China Taiping Insurance Group, the People’s Insurance Company of China, China Export and Credit Insurance Corporation and China Reinsurance Group. The move comes as China confronts weak domestic demand, a prolonged property slump, a shrinking workforce, trade and technology tensions with the US, and the economic effects of the Iran war. Gross domestic product grew 4.3% in the second quarter, down from 5% in the first quarter and below Beijing’s annual growth target. In March, Beijing set a 4.5%-5% growth range, its lowest target since 1991.