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New York Life Insurance Co., one of the biggest insurance companies in the United States, has recently signed letters of intent with Chongqing Municipality and Sichuan Province on investment in the region.
The initial agreements, involving US$500 million, marks the beginning of foreign insurance firms exploring the service sector of western China, said sources with the preparatory committee of the Western Forum of China, which is scheduled between October 20-22 in Chengdu.
The sources said that China will announce a series of preferential policies on the development of the western region, including the opening up of the service sector.
The New York Life Insurance Co. has representative offices in Shanghai, Guangzhou, Beijing and Chengdu. So far, the company has invested US$180 million in China.
The company now provides services for more than 600 million people worldwide. By the end of last year, it's total capital was US$130 billion.
(Xinhua 10/19/2000)
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