China Insurance Regulatory Commission (CIRC) planned to map out policies to encourage insurers to invest more capital in old-age care and health industry, said Zeng Yujin, a department head of CIRC Wednesday.
CIRC has been paying close attention to insurance capital's investment in health and old-age care industry for a period of time as insurers have been at the forefront of seeking opportunities in health and old-age care services in China.
According to Zeng, China's economic "new normal" needs new growth engines and the big health industry, closely linked to people's livelihood, will become a pillaring force to push forward the economy of the world's most populous country.
In recent years, CIRC has been working on widening insurers' investment channels and now insurance firms are permitted to invest in equities, real estate, ChiNext stocks, preferred shares, venture capital, asset-backed plans, private-equity funds of insurance firms and etc.
Meanwhile, CIRC changed the past record filing-based issuance of insurers' asset management products to present registration-based one to improve efficiency.
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