The China Insurance Regulatory Commission (CIRC) on Thursday rolled out guidelines about the insurance industry to support construction of key projects.
Under the guidelines, the insurance industry will increase support of long-term funds to the key projects and encourage the insurance institutions to invest in the projects by means of project bonds, investment fund, infrastructure investment plan, and asset support plan in an effort to meet financing demands of those projects.
Meanwhile, the insurance institutions are also encouraged to strengthen protection of the key projects through engineering insurance, catastrophe insurance and reinsurance. In addition, the authorities will resolve problems facing the insurance institutions in the process of their investing in the key projects, such as communication and coordination, information sharing, implementation of tax policies, land guarantees, and real estate mortgage.
Under the guidelines, the authorities will guarantee land supplies for insurance institutions investing in pension service facilities and health service industry. Earlier, the China Banking Regulatory Commission (CBRC) also released guidelines to support construction of the key projects.
In the next step, the Chinese authorities will make efforts to unblock the channel of financial funds to the real economy and accelerate construction of the key projects, according to the National Development and Reform Commission (NDRC), China's top economic planner.
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