25 Chinese mutual fund houses seek to speed up application and issuance of equity funds

The firms also would seek to speed up the application and issuance of equity funds, the Asset Management Association of China said in a statement on their website after a meeting in Beijing.

The announcement follows near-daily government policy moves over the past week, including an interest rate cut and a relaxation of margin lending rules, that have so far failed to arrest the sell-off, which some market watchers fear could turn into a full-blown crash.

(Reporting by Sam Shen and Michael Martina; Editing by Catherine Evans)