China's insurance sector increased investment in fields focusing on major national strategies last year, in contribution to promoting the development of new quality productive forces in the country, according to an industry report published on Thursday.
The report, titled "Social Responsibility Report of China Insurance Industry 2023", was released by the Insurance Association of China (IAC).
In 2023, the insurance industry invested more than 8.9 trillion yuan (about 1.23 trillion U.S. dollars) in projects intended to facilitate implementation of the rural revitalization strategy and coordinated regional development strategy. It also provided more than one trillion U.S. dollars in risk protection to projects related to the Belt and Road Initiative, according to the report.
The insurance sector invested 811 billion yuan (111.8 billion U.S. dollars) in emerging strategic industries, and the amount of insurance funds diverted to supporting scientific and technological research and development projects for strengthening China's self-reliance in technology reached 935.5 billion yuan (129 billion U.S. dollars).
Some 46,000 science and technology activity risk insurance policies were handed out last year, with 990 million yuan (137.7 million U.S. dollars) extended in insurance compensation for risks in scientific-technological activities, according to the report.
"More financial resources were directed to promoting scientific-technological innovation and providing insurance protection and funding support for scientific-technological activities, such as technological research and development, transformation of scientific-technological research and development achievements, and promotion of research and development achievements in industrial application, as well as for operators of scientific and technological research and development, which also meant provision of service for the development of new quality productive forces," said Yu Hua, president of Insurance Association of China. In the year, the insurance industry also paid close attention to fields such as population aging and development of green industries and small and medium-sized enterprises, providing risk protection for residents and enterprises nationwide, said the report.
China's insurance sector increases investment in fields focusing on major national strategies: report
Known primarily for its coal production, the city of Taiyuan in Shanxi Province is undergoing a cultural transformation. As part of China's booming concert economy, Taiyuan is actively seeking to provide unforgettable experiences for music fans.
Local authorities are supporting businesses in capitalizing on the growing demand for immersive concert experiences.
Taiyuan has implemented innovative initiatives. The city offers free public transportation for concert attendees, including bus and subway rides, both during the concert period and for three days before and after the event .
Taiyuan's commitment to creating a vibrant concert atmosphere is evident throughout the city. Giant banners and posters promote upcoming events, while various support activities further enhance the experience.
At a recent concert, a CGTN correspondent witnessed the city's dedication to providing a memorable experience. Each fan was greeted with a personalized souvenir bag filled with local specialties. Additionally, a captivating drone performance delighted the audience, adding an extra layer of excitement to the event.
"We have both also been to several concerts before. But this is the first time we've enjoyed various perks. Some shops are offering free merchandise. There are shuttle buses. The concert ticket also provides free admission to other local attractions. I think it is really nice," a concertgoer said.
"I have attended several concerts in Taiyuan where I have had really great experiences," another concert fan said.
Taiyuan's thoughtful initiatives have not only delighted concertgoers but also stimulated the city's consumer activity.
"From April to September, Taiyuan hosted more than 10 concerts. We could feel the enthusiasm of the fans at each event. There was a noticeable increase in hotel bookings as well," said Ma Shuting, marketing manager of a local hotel.
The concert period has also boosted the street-stall economy. The area around the venue has been transformed into a vibrant marketplace, with hundreds of stalls offering a diverse range of goods and services, from snacks and concert merchandise to beauty treatments.
"Business is doing quite well because there are many people coming from both out of town and locally. The daily revenue is approximately between 2,000 and 3,000 yuan (about 282 to 423 U.S. dollars)," a vendor told CGTN.
To solidify its position as a leading performing arts center in Northern China, the local government has made a significant commitment to fostering the concert economy.
"All 11 government departments in Taiyuan have jointly introduced several measures to support the development of the concert economy. For concert organizers in Taiyuan that meet the criteria, subsidies ranging from 150,000 yuan to 800,000 yuan (about 21,200 to 113,000 U.S. dollars) will be provided. Additionally, the city government has also established a special task force to ensure the smooth running of large-scale concerts," said Liu Rui, deputy director of the Taiyuan Bureau of Culture and Tourism.
The concert economy holds immense potential for economic growth, as demonstrated by the impact of Taylor Swift and Coldplay concerts on Singapore's GDP, which was boosted by around 0.25 percent.
Taiyuan is positioning itself as a major player in the concert industry, with over 30 concerts scheduled for this year alone. These events are expected to attract nearly 800,000 fans and generate tens of billions of yuan in consumer spending.
The city's commitment to the concert economy reflects its proactive pursuit of new growth drivers. This not only boosts consumption in the culture and tourism sector but also contributes to the broader economic transition toward high-quality growth.
Taiyuan's thriving concert economy boosts cultural, tourism growth
