Bear in mind the "great man of the country" and strengthen the mission
The fiftieth in a series of propaganda reports
From September 2023, when General Secretary Xi Jinping first put forward the important concept of "new quality productivity" during his local inspection, to the deployment of "development of new quality productivity" at the Central Economic Work Conference, and then to the 2024 government work report of the National People's Congress and the National People's Congress listed "accelerating the development of new quality productivity" as the first of the ten tasks, how to accurately invest financial resources and inject "gold" momentum into the development of new quality productivity has become a "must-answer question" for large state-owned financial institutions.
Chinese Life takes the development of new quality productive forces as the focus of efforts, gives full play to the role of business functions and comprehensive financial advantages, accelerates the construction of a multi-level, professional and characteristic science and technology financial service system, and is committed to contributing new and greater strength in supporting the "two new and one heavy", strategic emerging industries, scientific and technological innovation and other work. At present, it has established a working mechanism for the group to take the lead in overall planning and the division of labor among member units, not only formulating and issuing the "Opinions of Chinese Life on Further Supporting High-level Scientific and Technological Self-reliance and Self-reliance" and "Opinions of Chinese Life Investment on Supporting Scientific and Technological Self-reliance and Self-reliance", etc., but also continuously enriching product and service support to meet the financing needs of technology-based enterprises in an all-round way. In 2023, the amount of risk protection of Chinese Life Technology Insurance will reach 87 trillion yuan, a year-on-year increase of 133%. As of the end of 2023, the Group's stock investment in supporting self-reliance and self-reliance in science and technology exceeded 330 billion yuan, and the balance of loans to science and technology enterprises was nearly 189 billion yuan.
Finance, technology and industry interact positively
Insurance funds have the advantages of large scale, long cycle, stable source and flexible use of patient capital, which can well meet the financing needs of scientific and technological innovation enterprises. Chinese Life deepens the structural reform of the financial supply side, enriches investment strategies, innovates investment tools, smooths the circulation of capital and capital assets, accelerates the formation of science and technology investment supply with its own characteristics with the continuous landing of high-quality projects, and provides strong support for the virtuous cycle and effective interaction of finance, science and technology and industry.
In terms of debt investment plan, the Group's asset companies initiated the establishment of a debt investment plan with a total scale of 6 billion yuan from 2022 to 2023 to tackle major projects in the field of integrated circuit chips, and invested 2 billion yuan in Syngenta Group through the Syngenta Trust Project in 2023 to help promote the "revitalization of the seed industry" and ensure national food security. In terms of equity investment plan, in 2022, it initiated the establishment of the "Chinese Life-Electronic Mixed Reform No. 1 Equity Investment Plan" to increase the capital of China Electronics Co., Ltd. by 1.99 billion yuan to help the construction of the PKS system of the core pillars of information innovation such as domestic CPUs and domestic operating systems; in 2023, it will jointly establish the Ordnance Group Fund with China North Industries Group and China Insurance Investment Company, contributing 5.486 billion yuan to promote the in-depth development of military-civilian integration in the national defense industry and support the high-quality development of advanced manufacturing. In terms of asset securitization investment, a special asset-backed plan will be set up in 2023, with a total investment of 428 million yuan in Sany Heavy Industry and XCMG Group to promote the localization of high-end equipment manufacturing industry.
Green development is the background color of high-quality development, and new quality productivity itself is green productivity. In terms of green investment, Chinese Life Asset Company initiated the establishment of 3 equity investment plans with a total scale of 7.796 billion yuan from 2021 to 2022, strategically increased the capital of's subsidiaries to help the development and construction of photovoltaic and new energy power generation projects, and invested in 6 private equity funds in the field of clean energy, with a total scale of 34.309 billion yuan, to support the construction of clean energy projects under, Huaneng and CRRC Group.
Injecting "living water" into the whole cycle of scientific and technological innovation
"Now a mobile phone can easily achieve 256G storage capacity, if you use the technology of 50 years ago, it is equivalent to building 2 million five-story buildings to fit so many storage units. "Smaller and smaller chips have become an important booster for human production and life to enter the stage of informatization, intelligence and intelligence. In 2023, the "Chinese Life-Hufa No. 1 Equity Investment Plan" will acquire the equity of Shanghai Integrated Circuit Industry Investment Fund Co., Ltd. held by Shanghai state-owned enterprises in the form of S share investment, with an investment scale of about 11.8 billion yuan, exploring the role of insurance funds and government funds in regional development. The relay cooperation model in terms of industrial support has improved the efficiency of the use of financial funds, broken down the barriers to industrial guidance and market-oriented development, strongly supported the development of Shanghai's integrated circuit industry through the project, and helped the construction of Shanghai International Science and Technology Innovation Center. "Chinese Life has become our indirect shareholder through strategic investment, which has further strengthened the role of capital bonds, brought us new vitality and motivation, and achieved complementary advantages and coordinated development. Yang Fu, executive vice president, chief financial officer and secretary of the board of directors of UNISOC, a leading company in the integrated circuit design industry, said.
Liu Fan, vice president of Chinese Life Asset Management Company, said that insurance funds can provide full-cycle financial services for science and technology enterprises, and can invest in science and technology innovation industrial parks and various scientific and technological infrastructure through equity investment or non-standard debt, and carry out equity investment in the initial application and industrial incubation stage. After entering the relatively mature industrialization stage, insurance funds can provide more accurate and effective support through equity investment, as well as investment in the secondary market represented by stocks and public funds. As the main platform for the use of insurance funds of the whole group, Chinese Life Asset Management Co., Ltd. has a fund scale of 1.66 trillion yuan to support the development of the modern industrial system in the account in the entrusted system by the end of the first quarter of 2024. Among them, 203.4 billion yuan will be supported for the development of strategic emerging industries, 87.9 billion yuan for advanced manufacturing, 394.8 billion yuan for green investment, and 382.5 billion yuan for "two new and one heavy".
Accelerate the development of science and technology insurance and science and technology credit
Strategic emerging industries and future industries often have high technical barriers, high cost of trial and error, high investment and high risk, and it is urgent to establish an open and inclusive risk sharing mechanism. In this regard, Chinese Life has strengthened the research on insurance product innovation and improved its service professional capabilities, and the Group's property and casualty insurance companies have developed 8 categories, including the first (set), new materials (the first batch), the first version of software insurance, intellectual property rights, network security, life sciences, aerospace and high-tech enterprise insurance, etc., with a total of more than 40 exclusive main insurance products and more than 70 additional insurance products, basically forming a technology insurance product supply system with rich categories, comprehensive protection, prominent focus and close to the market. In addition, the Group's life insurance companies have developed special life insurance products for employees of technology enterprises, providing a large number of comprehensive accident insurance protection.
Taking cyber security insurance as an example, the insurance is still in its infancy in China, especially in the early stage of business development, when the cost of all aspects is very tight, there will be some hesitation when purchasing insurance to transfer uncertain risks in the future. Therefore, many places encourage the research and development of inclusive cyber security insurance, and increase cyber security-related risk reduction services while providing insurance protection. Liu Zhe, deputy general manager of Chinese Life Property Insurance Shanghai Branch, introduced that in order to minimize the burden on small and medium-sized enterprises and actively explore the standardization of cybersecurity insurance services, under the leadership of the Shanghai Municipal Economic and Information Commission and the Shanghai Branch of the Financial Regulatory Bureau, the branch and several peers jointly carried out the standardization and customization of the full-process service system of cyber security insurance, which will be promoted to small and micro enterprises in 2024.
In the banking sector, China Guangfa Bank, a member of Chinese Life Group, launched the "Science and Technology Innovation Wisdom" comprehensive service plan, which provides technology enterprises with full life cycle services covering the seed stage, start-up stage, growth stage and maturity stage through the "investment + credit + settlement" model, supporting core technologies and solving the "stuck neck" problem. At the same time, in terms of service channels, China Guangfa Bank has not only launched online products such as "Technology E-Loan" and "Specialized and Special New E-Loan", but also improved offline products such as "Science and Technology Credit" and "Science and Technology Investment Joint Loan" to further meet the financing needs of science and technology enterprises in an all-round way.
"It is necessary to promote the integration of finance and new technologies in the formation of new quality productive forces, continuously improve the convenience and competitiveness of financial services, and allocate more and better financial resources to the modern system. Bai Tao, Secretary of the Party Committee and Chairman of Chinese Life Group, said when participating in the group discussion of the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference that Chinese Life will accelerate digital transformation and better serve the development of the real economy and the production and life of the people.