On Monday, Hong Kong-listed growth stocks had a strong day, as the Hang Seng Index gained +1.75% and the Hang Seng Tech Index gained +2.59% following U.S. President Donald Trump and China President Xi Jinping’s Friday phone call that took place after Asia markets closed and before the U.S. markets opened.

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.

China is guiding local mutual funds and insurers to boost their stock purchases in the government’s latest initiative to shore up its ailing equity market as it confronts the threat of higher tariffs.

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.

State-owned insurers and mutual funds are expected to play a pivotal role in the process, the China Securities Regulatory Commission and the Ministry of Finance said in a press briefing.

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.