News Regional17 May 2019

China sees first insurance asset management joint venture

ICBC-AXA Life has opened its wholly-owned asset management subsidiary in Shanghai yesterday, having received regulatory approval to establish China's first insurance asset management joint venture in May last year, reported state news agency Xinhua. With a registered capital of CNY100m ($14.5m), the subsidiary will use insurance funds to support major industries, main construction projects, the Belt and Road Initiative and the China's regional development strategies.

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