BEIJING—China's central bank is injecting 500 billion yuan ($81 billion) into the country's five major state-owned banks as it moves to counter slower-than-expected growth in the world's No. 2 economy, according to a senior Chinese banking executive.

The move contributed to a rise in Asian markets early Wednesday, but falls short of a more sweeping effort, such as an interest-rate cut, to lift the economy, showing that Beijing is continuing to use targeted measures. (Latest:China Home Prices Weaken)

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