Insurer joins public welfare program
Print Edition
China Life Insurance Group and Jiading District government have agreed to co-establish China Life Insurance (Shanghai Jiading) Urban Development and Industrial Investment Fund to support urban infrastructure construction, key industries and livelihood undertakings in Jiading.
Under the agreement, the Jiading government will contribute 30 percent of the capital and the China Life Insurance 70 percent. The first-period capital will be 5 billion yuan (US$820 million) funded in two years.
The money will be used to invest in district-level projects concerned with public welfare, such as the replacement of farmers’ residential land, construction of large residential areas, relocation of the new energy center and the construction of Jiabei Suburban Park.
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