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China's Largest Policy Bank Teams Up With Insurer
China's major policy bank, the State Development Bank, signed an agreement Wednesday in Shanghai with China Pacific Insurance Company Ltd. (CPIC), one of the country's major insurance companies, to cooperate on loan insurance and venture management.
It is the first time that the CPIC has forged a partnership with the policy bank.
According to the agreement, the cooperation will focus on raising the ratio of insured loan projects, providing information concerning loan projects and venture assessment, laying out plans for disaster and damage prevention services, and promoting training and study of insurance theories.
Officials with the bank and the insurance company see the long- term collaboration as being beneficial to clients on both sides.
The decade-old CPIC is insurer of a number of major infrastructure projects including the Three Gorges Project.
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