SHANGHAI: China’s banking and insurance regulator on Friday (May 13) expanded the scope of financial products for insurance funds to invest in as it tries to improve the quality and efficiency of insurance funds serving the economy.

The China Banking and Insurance Regulatory Commission (CBIRC) said in a statement the new rules also strengthened regulatory requirements.

The move comes as China launched its first private pension scheme last month, as it tackles economic challenges linked to an ageing population and looks to channel more long-term money into the stock market.

The new rules are conducive to diversifying allocation of insurance assets and providing long-term money support to the capital market, the CBIRC said.

The CBIRC added it will improve the regulatory scheme and guide insurance funds to take advantage of long-term investment advantages to serve high-quality economic development.