China's insurance sector raises 16t yuan for real economy

BEIJING - China's insurance sector has raised nearly 16 trillion yuan ($2.43 trillion) for the real economy, the country's banking and insurance regulator said.

The insurance capital, bolstering advantage in long duration and stable source, offered the support through investments in stocks, bonds and insurance asset management products, said the China Banking and Insurance Regulatory Commission (CBIRC).

At the end of the third quarter, the amount of insurance capital invested in bonds accounted for 6.49 percent of the total size of China's bond market, strongly supporting the real economy and the capital market, CBIRC data showed.

With the current asset risks overall controllable, the insurance sector reports steady and prudent use of funds and relatively stable investment income, said an official with the CBIRC.

The commission will continue to deepen market-orientated reforms and strengthen its oversight over market practices, the CBIRC said.