(Yicai Global) Oct. 19 -- China's three biggest insurers -- China Life Insurance, Ping An Insurance Group, and People's Insurance Company Group of China -- collectively spent more than CNY10 trillion (USD1.4 trillion) in the first nine months of the year to support development of the real economy.

China Life had invested over CNY3.3 trillion (USD457.1 billion) as of Sept. 30, the Beijing-based firm said on Oct. 16. Ping An Insurance and People's Insurance also said in recent statements that they spent more than CNY5.9 trillion and CNY1 trillion, respectively, for the same purpose.

China will forge a modernized industrial system, and the real economy will remain the focal point of economic development, with advancements in industrialization to speed up construction of a powerhouse in the manufacturing, quality, aerospace, transport, and cyberspace fields, according to the political report to the 20th National Congress of the Communist Party of China released on Oct. 16.

Since the beginning of the year, China Life has been using its financial services to serve the real economy, giving full play to the long-term stable benefit of insurance funds, the Beijing-based company said in a statement released the same day.

Ping An Insurance has been strengthening its insurance guarantee function, taking advantage of the strengths of its financial platform and scientific and technological innovation to enhance the quality and efficiency of serving the real economy and promote high-quality development, the Shenzhen-based firm said on Oct. 17.

And Beijing-based People's Insurance served the situation of society and economy and actively integrated itself into the national strategy of serving the real economy, it announced on Oct. 17.

Editors: Xu Wei, Futura Constaglione