China on Thursday detailed measures to encourage state-owned funds and insurers to buy more shares, aimed at stabilizing the struggling stock market at a time when U.S. President Donald Trump is preparing to announce tariffs on Chinese imports.

Asian equities were mixed overnight as Hong Kong, Mainland China, Thailand, and South Korea all underperformed while Taiwan was closed.

Starting this year, 30 per cent of the annual insurance premium from new policies will be put into yuan-denominated A shares, regulator Wu Qing said.

China said on Wednesday it will guide big state insurers and commercial insurance funds to increase investments in the A-share market, in a latest move to boost its lagging stock market. Under a plan jointly released by six financial regulators including the securities regulator,

China rolled out a basket of measures to stabilize its stock markets, including plans to boost the amount pension can invest in the nation’s listed companies, as it combats uncertainty in a second Donald Trump presidency.

State-owned insurers and mutual funds are expected to play a pivotal role in the process of stabilizing the stock market.

Asian equities were higher, except for Hong Kong and Mainland China, which were off following President Trump’s 10% tariff threat, which prompted profit-taking after six days of gains.