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China Pacific's infrastructure investment project approved

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2008-12-10 20:26

A 2.7-billion-yuan debt investment project, initiated by China Pacific Asset Management Co Ltd, has won approval from the industry regulator, the company said today.

The 2.7 billion yuan investment, with a term of 10 years, will go to a hydroelectric station by Guizhou Wujiang Hydroelectric Development Co.

The launch of the debt investment project comes as the government strengthens infrastructure construction to boost domestic demand.

Wu Dingfu, chairman of the China Insurance Regulatory Commission, said at a recent forum that the regulator will expand insurers' investment into infrastructure projects.

Since March 2006, the regulatory body has allowed insurance companies to invest in infrastructure projects on a pilot basis. Life insurers could invest less than 5 percent of their total assets into infrastructure projects, and the ceiling for non-life insurers is less than 2 percent of their total assets.

An insurance group led by Ping An has initiated a 16 billion yuan equity investment on Beijing-Shanghai express railway.