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 | Thursday, April 27, 2000, updated at 16:11(GMT+8) | ||||||||||||
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American Insurance Giant Invests in ChinaLiberty Mutual Group USA, one of the biggest insurance companies in the United States, announced on April 6 that it has purchased US$ 57 million of stocks from the China National Petroleum Corporation (CNPC) as its first investment in China.The CNPC, China's leading producer of crude oil and natural gas, is scheduled to list its stocks in stock exchanges in Hong Kong and New York Friday. A leading provider of worker's injury insurance and workplace safety consulting services in the United States for 85 years, Liberty Mutual has an investment division called Liberty Financial Companies Inc. which manages assets totaling US$ 61 billion. The company is ready to focus its future investment in China in its western and central areas, the Chongqing Municipality in particular, said John Kimber, managing director of China Business of the Liberty Mutual Group. He added that his company is currently negotiating with the Chongqing Municipal People's Government about its investment in local petro-chemical industry and projects in utilities, infrastructure and transportation. Liberty Mutual has set up a Safety Representative Office and a Safe Work Center in Shanghai so far. It became the first foreign insurance company in July 1998 to set up a representative office in Chongqing. Numerous cooperative research programs on work safety are also underway between the company and the Shanghai Medical University, the Bureau of Work Safety of the State Economic and Trade Commission, and the Research Institute of Social Security of the Ministry of Labor and Social Security, respectively.
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