It's Happening....
40 billion insurance funds invested in Ningbo
- Details
- Category: Governmental News
- Published: Monday, 27 October 2014 17:51
Presently, the 2.0 billion insurance funds, invested by China Life Insurance in Ningbo Railway Station have all arrived. The funds, in the form of debt investment, will be used for the supporting square of Ningbo Railway Station and other municipal infrastructure, with an investment period of 7 years. It is a case in point of investment by insurance funds in key projects in Ningbo.
In fact, the insurance investment in Ningbo has been accelerated. More and more insurance companies are extending their business to Ningbo.
According to the statistics, since 2008, about 40 billion insurance funds have been invested in Ningbo, which played an important part in the economic and social development of Ningbo.
"Insurance funds, long and stable, is the source of good quality funds. Ningbo has made some positive exploration in attracting insurance funds in recent years and has made some achievements," an official from the Insurance Supervision Bureau said. Analysis found that most of the investment went to the construction of infrastructure in Ningbo. For example, the first insurance debt investment plan "Life Insurance—Ningbo Trading Debt Investment Plan" in Zhejiang Province was signed in March, 2012. The 2.5 billion worth insurance funds was put in the east section of the City Expressway; in 2013, Ping An Insurance cooperated with Ningbo Urban Construction Investment Holding. The former invested 5 billion yuan of debt investment in all the projects of the latter; Ping An also helped Yuyao Water Resource Investment and Development Company issue 7-year bonds worth 1.4 billion yuan for the river treatment and water net maintenance. In April 2014, the Key Project Matching Conference of Ningbo Economic and Social Transformation and Upgrading Three Year Plan was held. China Life Insurance invested 2.0 billion yuan in the form of debt investment in Ningbo Railway Station.
Besides, the insurance funds also supported the transformation and upgrading of enterprises in Ningbo, participated in the commercial development of real estate, supporting the local social and economic development in the way of indirect fund-raising, such as contracted saving. Since 2008, insurance agencies concerned have deposited 9.841 billion yuan in the banks of Ningbo. It is introduced that the operation of insurance fund will be a key point of local fund-raising work in Ningbo. According to related policy, Ningbo will encourage insurance companies to participate in the construction of key infrastructure, security housing, industry investment fund, venture capital enterprises, community nursing houses and medical institutions by equity financing, debt financing, big amount contracted saving and setting up regional property management company, to further open up channels for direct and indirect fund-raising, and support the economic construction and social development.
