Allianz to set up new insurance AMC

German insurer Allianz SE has acquired the green light to set up a fully owned insurance asset management company in China. Allianz Insurance Asset Management Co Ltd, the new insurance AMC, will be set up in Beijing with a registered capital of 100 million yuan ($15.4 million).

Consumption gets a lift from superrich

China's high-end consumption rose to 1.53 trillion yuan ($236 billion) last year on the back of higher spending by the superrich families, according to the Hurun China Luxury Consumer Survey 2021 released on Thursday. The average annual consumption was 4.4 percent of the household asset value for high net worth Chinese families last year.

Shanxi coal output reaches 1.06b tons

Coal mining hub Shanxi province produced 1.06 billion metric tons of coal last year, ranking the first in the country, according to the National Bureau of Statistics. The province also closed all coal mines with an annual output of less than 600,000 tons by the end of last year.

China Daily - Xinhua