Taking multiple measures to serve the real economy, China Life Insurance effectively fulfills its social responsibilities as a state-owned financial institution

In recent years, the role of insurance in economic compensation, financial financing, social management, value creation, etc. has continued to increase, and it has gradually become an irreplaceable and important force in the national economic system. Insurance funds are used in areas such as serving the country's major development strategies, supporting the real economy, and promoting people's livelihood, constantly exploring new methods and achieving new results.

As a state-controlled financial and insurance company, China Life Insurance Co., Ltd. (hereinafter referred to as "China Life Insurance Company") has the courage to shoulder its responsibilities and mission, adhere to a "people-centered" stance, and enhance the people's sense of gain. , happiness and security, actively implement national strategies, and help the country develop with high quality. As of the end of the first quarter of 2022, the cumulative investment scale of China Life Insurance Company in serving the real economy exceeded 3 trillion yuan, demonstrating the responsibility of state-owned enterprises with practical actions.

Support infrastructure construction and new urbanization

Insurance funds have natural advantages in serving major national projects and capital markets. China Life Insurance Company focuses on the construction of major national projects and continuously improves the ability of insurance funds to serve the real economy. In recent years, initial results have been achieved in serving the real economy.

Since 2016, China Life Insurance Company has invested 20 billion yuan to support the construction of the Sichuan-East Gas Pipeline, capacity expansion projects and gas storage. The project spans 6 provinces and 2 cities: Sichuan, Chongqing, Hubei, Jiangxi, Anhui, Jiangsu, Zhejiang, and Shanghai. The pipeline has a total length of 2,229 kilometers and a designed annual gas transmission capacity of 12 billion cubic meters. It is an important natural gas pipeline connecting the Yangtze River Economic Belt. pipelines, benefiting hundreds of millions of urban and rural residents. The involvement of social capital will help improve Sinopec's natural gas pipeline network construction capabilities and market-oriented management and operation capabilities, and assist the implementation of the national Yangtze River Economic Belt development strategy.

In 2020, China Life invested in the Dalian Bay Submarine Tunnel Project under China Communications Construction. The completion of this project will add a new tunnel running from north to south in Dalian, connecting the "One Core" (eastern core area) and The fast track of "Yiji" (Jinpu New District) effectively alleviates the "bottleneck" of transportation in and out of the urban area and promotes the construction of Diamond Harbor and cross-strait integration. The Dalian Bay Submarine Tunnel Project adopts the construction technology of "large-section submarine immersed tube tunnel". It is the second cross-sea immersed tube tunnel in China after the Hong Kong-Zhuhai-Macao Bridge. It is known as "Dalian City's Super Project" and was selected into the national Typical cases of the second batch of PPP projects of the National Development and Reform Commission. The investment and construction of this project will help Dalian develop transportation infrastructure, build a modern regional central city, promote the efficient gathering of talent and other resource elements, enhance the economic and population carrying capacity of central cities and urban agglomerations, and assist the overall revitalization and development of Northeast China.

In 2021, China Life invested 1.5 billion yuan in the Yunnan Communications Investment Infrastructure Debt Investment Project to support the Zhaotong-Huize Highway (hereinafter referred to as "Zhao-Huize Expressway") owned by Yunnan Communications Investment and Construction Group Co., Ltd. Renovation and expansion project. As a major national engineering project approved by the National Development and Reform Commission, the Zhaohui Expressway is an important part of the "Kunming-Chongqing Expressway" in the north-south longitudinal line of the national expressway network plan. It is the gateway from Kunming to the "three districts and three states" deeply impoverished area - Liangshan Prefecture. must pass through the highway. The completion and opening of Zhaohui Expressway will play an important role in strengthening the interconnection between Yunnan and Liangshan Prefecture, and promoting passenger flow, logistics and cultural exchanges between Liangshan Prefecture and external regions.

In the first quarter of 2022, China Life Insurance Company invested 1 billion yuan through the Urumqi Comprehensive Pipeline Infrastructure Debt Investment Project to invest in Urumqi’s underground comprehensive pipe gallery to promote Urumqi as the core of the Silk Road Economic Belt Infrastructure construction in node cities will improve the supply capacity and level of public services and comprehensively support the western development strategy.

Promoting the development of strategic emerging industries

Focusing on supporting the development of modern industrial systems, China Life Insurance Company supports the development of strategic emerging industries and advanced manufacturing, and increases investment in key core technology areas. We invested heavily in high-quality domestic enterprises, gave full play to the financial advantages of insurance institutions, and early formed a development direction with the goal of investing in projects that are in line with the national strategic deployment of "powering the country through science and technology", and promoted the implementation of China Life's science and technology and comprehensive business strategies.

In 2016, China Life Insurance Company participated in the investment in the National Science and Technology Major Special Achievements Transformation Fund jointly initiated and established by the Ministry of Science and Technology and SDIC. This fund is a fund specifically focused on serving the transformation of major national scientific and technological achievements. The implementation of this project has well implemented China Life's innovation-driven development strategy and accelerated the realization of the transformation and application of major national science and technology achievements.

In the same year, in order to further implement the Party Central Committee’s strategic deployment of building a “Healthy China” and seize the development opportunities of the digital and intelligent transformation and upgrading of the medical and health industry, China Life Insurance Company invested in China Life Equity Investment Co., Ltd. The China Life Big Health Equity Investment Fund (Limited Partnership) was established to actively deploy leading enterprises in basic medical services, emerging biomedicine, digital medicine and other industries to support the innovative development of the country's medical and health fields.

Based on the good operation of the above-mentioned funds, China Life Insurance Company continues to increase its investment layout in the fields of technological innovation and its applications. In 2021, it invested in China Life Technology Innovation Fund, which focuses on the "digital economy" field. Within the year, it is planned to participate in the new phase of the Scientific and Technological Achievements Transformation Fund initiated and established by SDIC, the Ministry of Science and Technology and the Guangdong Provincial Government. In addition to adhering to the investment direction around hard technology and scientific and technological innovation, the fund efficiently undertakes cutting-edge scientific and technological achievements in the Guangdong-Hong Kong-Macao Greater Bay Area, which is of great strategic significance for overcoming the country's "stuck neck" technical problems.

Serving the reform of state-owned enterprises and the development of private and small and micro enterprises

Both state-owned enterprises and private enterprises are important components of a high-level socialist market economic system. China Life Insurance Company supports state-owned enterprises. Enterprises enhance their competitiveness, become stronger, better and bigger. In 2019, it invested 9 billion yuan to lead the mixed-ownership reform and introduction of strategic investors project of Qinghai Yellow River Upper Reaches Hydropower Development Co., Ltd. (hereinafter referred to as "Qinghai Yellow River Hydropower"), a core clean energy investment platform under the State Power Investment Group. Qinghai Yellow River Hydropower is a leading clean energy power generation company in China, a core supporting power supply company for the Northwest Power Grid, and an important support point for the west-to-east power transmission. The capital increase will be used for the main business of Qinghai Yellow River hydropower development, supporting industrial investment projects, industrial upgrading and transformation projects related to clean energy, supplementing working capital, repaying loans, etc. This project was the largest mixed-ownership reform project of central enterprises that year. It was a major practice to implement the Party Central Committee and the State Council’s recommendations on actively developing a mixed-ownership economy and promoting the coordinated development of capital of all types of ownership.

Under the COVID-19 epidemic, China Life Insurance Company quickly launched and comprehensively promoted the "Guan Ai Bao" exclusive group insurance protection plan, and expanded the existing group accident insurance products to cover death and disability caused by infection with the COVID-19 virus. Responsibility, further help small, medium and micro enterprises to resume work and production, ensure the personal safety of employees under the enterprise during a specific period, actively help enterprises build a strong risk prevention and control barrier, and jointly fight the epidemic and tide over difficulties. In order to facilitate small, medium and micro enterprises to purchase other commercial employee welfare insurance for their employees during special periods, China Life Insurance Company will implement the exclusive "Employee Welfare Insurance" plan for small and micro enterprises online and paperless Apply for insurance and launch "face-to-face" acceptance services.

China Life Insurance Company will continue to play the role of "shock absorber" and social "stabilizer" of the insurance economy, adhere to the sentiments of serving the people, and achieve high goals while serving the overall interests of the country from a high position and satisfying the people's yearning for a better life. Quality development allows "financial living water" to reach enterprises and the people efficiently and directly, contributing to the promotion of common prosperity for all and the realization of the Chinese dream of the great rejuvenation of the Chinese nation.