The municipal governments of the Pudong New Area and Lin-gang Special Area held a signing ceremony on Dec 24 with China Pacific Insurance (Group) Co Ltd, or CPIC – in Pudong, in East China's Shanghai – to advance a slew of major projects and extend their existing links. 

The Pudong New Area administration and CPIC – one of China's biggest insurance groups, listed in China and overseas – inked a strategic cooperation agreement on building a leading area of socialist modernization. The Lin-gang administration and the group, meanwhile, signed up to build a special economic functional zone and a modern new city.

The agreements mainly cover seven areas of cooperation. These include construction of a global asset management center and an international reinsurance center, a core financial area, an eco-friendly financial hub, a core sci-tech center, a world-class high-tech industrial cluster – as well as a leading role for development of the eldercare rehabilitation medical industry.

The administrations of the Pudong New Area and the Lin-gang Special Area sign agreements with insurance giant CPIC on Dec 24.