The recently published People's Daily, with the title of "Chinese Life Increases Investment in Scientific and Technological Innovation", reported that Chinese Life has accelerated the construction of a scientific and technological financial service ecology, increased support for investment in scientific and technological innovation, actively promoted the virtuous cycle and effective interaction of finance, science and technology and industry, and served the development of new productive forces.
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In recent years, Chinese Life Insurance (Group) Company has accelerated the construction of a scientific and technological financial service ecology, increased investment in supporting scientific and technological innovation, and actively contributed to the virtuous cycle and effective interaction of finance, technology and industry. The company's subsidiary, Chinese Life Asset Management Co., Ltd., actively focuses on supporting the construction of a modern industrial system to carry out investment layout. As of the end of the first quarter of this year, the scale of support for the development of the modern industrial system in the account of Chinese Life Asset Company in the trustee system reached 1.66 trillion yuan, of which 203.4 billion yuan was supported for the development of strategic emerging industries and 87.9 billion yuan was supported for advanced manufacturing.
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Invest in supporting self-reliance and self-reliance in science and technology
The stock scale exceeds 330 billion yuan
Chinese life insurance capital living water
Watering new quality productivity
General Secretary Xi Jinping recently pointed out during his inspection in Hunan that scientific and technological innovation is the core element of the development of new quality productivity. As a large state-owned financial institution, Chinese Life deeply grasps the political and people's nature of financial work, deepens the structural reform of the financial supply side, continues to enrich innovative products and services, continuously increases support for scientific and technological innovation, helps the development of strategic emerging industries and future industries, and promotes the acceleration of the formation of new quality productive forces.
Give full play to the advantages of insurance genes
Write a comprehensive article on science and technology finance
The Central Financial Work Conference took science and technology finance as the first of the "five articles" and emphasized that more resources should be used to promote scientific and technological innovation. Chinese Life strives to do a good job in science and technology finance, accelerate the construction of science and technology finance China Life service ecology, and actively promote the virtuous cycle and effective interaction of finance, science and technology and industry.
In the field of science and technology finance, Chinese Life has established a working mechanism for the group to take the lead in overall planning and the division of labor among member units. On the one hand, 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" were formulated and issued, and each member unit clarified the internal division of labor, improved the working mechanism, and completed the key task requirements with quality and quantity in accordance with the unified arrangement of the group. On the other hand, we will give full play to the comprehensive financial advantages of the coordinated development of the three major business sectors of insurance, investment and banking, enrich product and service support, and meet the financing needs of technology-based enterprises in an all-round way.
By the end of 2023, the insurance premium income of strategic emerging industries of Chinese Life Group was nearly 8.5 billion yuan, a year-on-year increase of 43.4%; The premium income of science and technology insurance exceeded 3.3 billion yuan, a year-on-year increase of 27.1%; The stock scale of insurance fund investment to support self-reliance and self-improvement in science and technology exceeded 330 billion yuan, a year-on-year increase of 6.6%; The balance of loans to science and technology enterprises of China Guangfa Bank was nearly 189 billion yuan, a year-on-year increase of 30.3%.
As the main platform for the use of insurance funds under Chinese Life Group, Chinese Life Asset Management Co., Ltd. has consolidated assets under management of more than 5.6 trillion yuan by the end of the first quarter of 2024, making it the first insurance asset management institution in China to exceed the 5 trillion yuan mark in assets under management.
In recent years, Chinese Life Asset Management Company has unswervingly followed the path of financial development with Chinese characteristics, innovatively built a "dual-line allocation" methodology that implements the decision-making and deployment of the Party Central Committee and the requirements of asset-liability matching, and strives to provide high-quality financial services for economic and social development. As of the end of the first quarter of 2024, the scale of investment in serving the real economy of Chinese Life Asset Company is close to 3.3 trillion yuan, accounting for 72.7% of the total fund scale in the trustee system.
Insurance funds have the advantages of large scale, long cycle, stable source and flexible use of patient capital. Chinese Life Asset Management Co., Ltd. deeply implements the spirit of the Central Financial Work Conference, actively forges ahead in scientific and technological articles, and carries out investment layout around supporting the construction of a modern industrial system. As of the end of 2023, the scale of the company's account in the trustee system to support the development of the modern industrial system reached 1.64 trillion yuan, an increase of more than 280 billion yuan from the end of 2022, a year-on-year growth rate of more than 20%. Among them, 186.1 billion yuan was supported for the development of strategic emerging industries (i.e., self-reliance and self-reliance in science and technology), 89.6 billion yuan for advanced manufacturing, 397.6 billion yuan for green investment, and 378.9 billion yuan for "two new and one heavy", an increase of 41.2 billion yuan, 26.3 billion yuan, 18.7 billion yuan and 28.5 billion yuan respectively from the end of the previous year.
Leading the practice of innovation and smoothing the cycle of "three capitals".
Empower the development of new quality productivity
The key to China's modernization lies in the modernization of science and technology. Accelerating the realization of high-level scientific and technological self-reliance and self-reliance is inseparable from the support of a highly adapted financial service system. Chinese Life takes serving new quality productivity as the key focus, enriches investment strategies, innovates investment tools, smooths the circulation of capital and capital assets, and accelerates the formation of science and technology financial supply with China Life characteristics along with the continuous landing of high-quality projects.
In November 2023, the "Chinese Shou-Hufa No. 1" equity investment plan issued and established by Chinese Life Asset Company successfully completed the fundraising and issuance, with an investment of about 11.8 billion yuan, successfully delisted the "J00045" asset package of Shanghai Equity Custody and Trading Center, and acquired the assets held by SAIC Group Equity Investment Co., Ltd. and Shanghai Guosheng (Group) Co., Ltd. by way of S share investment. The project innovatively uses the S-share investment method to identify the "same frequency resonance point" between the use of insurance funds and scientific and technological innovation and regional development, which strongly supports the development of the integrated circuit industry in mainland China and helps the construction of Shanghai International Science and Technology Innovation Center.
In terms of supporting strategic emerging industries and advanced manufacturing, Chinese Life Asset Management Company continues to explore the use of alternative investment methods to promote the implementation of a series of high-quality projects, providing strong support for the virtuous cycle and effective interaction of science and technology, industry and finance.
Debt investment plan
In terms of debt investment plans, from 2022 to 2023, the two phases of the "Chinese Life-Changcun Phase II Project Debt Investment Plan" successfully completed the fundraising and issuance work, with a total scale of 6 billion yuan, helping the target company to make every effort to tackle major projects in the field of memory chips. In 2023, Syngenta Group will invest RMB 2 billion through the Syngenta Trust Project to help promote the "revitalization of the seed industry" and ensure national food security.
Equity investment plan
In terms of equity investment plan, in 2022, it initiated the establishment of the "Chinese Life-Electronic Mixed Reform No. 1 Equity Investment Plan", which increased 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, we will join hands with China North Industries Group and China Insurance Investment Corporation to jointly establish the Ordnance Group Fund, and Chinese Life will invest 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.
Securitization investment
In terms of asset securitization investment, in 2023, a special asset-backed plan will be set up to invest a total 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 supporting green investment, from 2021 to 2022, Chinese Life Asset Company initiated the establishment of three equity investment plans with a total scale of 7.796 billion yuan, and strategically increased its capital in's subsidiaries to help the development and construction of photovoltaic and new energy power generation projects. At the same time, it 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 the State Power Investment Group, Huaneng Group and CRRC Group.
The development of new quality productivity is an intrinsic requirement and an important focus for promoting high-quality development. In the next step, Chinese Life will deeply explore investment practices in the field of science and technology finance, continue to innovate investment methods and risk management methods, accelerate the construction of a science and technology financial ecology rich in China Life's characteristics, promote the virtuous cycle and effective interaction of finance, science and technology and industry, effectively play the leading role of the industry's "head goose", do a good job in science and technology finance, and help build a financial power and a science and technology power.