China Life investment supports emerging industries
The balance of direct investment by China Life Insurance (Group) Company in the real economy, the part of the economy that produces goods and services, exceeded 2.8 trillion yuan ($430.9 billion) by the end of 2020.
As a large State-owned financial institution headquartered in Beijing, China Life used medium- and long-term funds to step up support for strategic emerging industries, tech companies, the advanced manufacturing sector, and new infrastructure, new urbanization initiatives and major projects via bonds, debts and equities.
China Life is also deeply integrated in regional coordination and development. As of the end of 2020, the balance of its investment in key regions reached 1.16 trillion yuan.
In the Beijing-Tianjin-Hebei region, China Life invested 38 billion yuan in six subway lines in Beijing, the Beijing Daxing Airport Expressway and other projects between 2011 and 2020. It also provided funds of 1.5 billion yuan for rail transit projects in Tianjin over the same period.
In the Guangdong-Hong Kong-Macao Greater Bay Area, the financial institution gave support to a number of major corporate overseas expansion projects, industrial transformation and upgrading projects, as well as energy and transportation projects, with a total investment of more than 8 billion yuan by the end of last year.
China Guangfa Bank Co, a subsidiary of China Life, also leveraged on the advantages of the Group to strengthen credit support to key economic and social areas.
As of the end of 2020, the bank's outstanding balance of loans to micro and small enterprises with a total credit line of up to 10 million yuan per borrower increased by 33 percent from the beginning of the year. The outstanding balance of its medium- and long-term loans to the manufacturing sector rose nearly 49 percent. In addition, the outstanding balance of its green lending, which aims to support environmentally friendly projects and the reduction of carbon dioxide emissions, exceeded 30 billion yuan, up 46 percent from the beginning of last year.
