China Mulls $278 Billion Rescue Package to Steady Plummeting Stock Market
• Chinese authorities considering $278 billion package to stabilize stock market after earlier efforts failed • Seeking to mobilize about $278 billion from offshore accounts of Chinese state-owned enterprises • Have earmarked at least $44 billion of local funds to invest in onshore shares • Weighing other options as well, may announce some this week if approved • Aimed at stemming selloff that sent benchmark index to 5-year low and calming retail investors