China's top banking and insurance regulator has approved the establishment of a new agricultural reinsurance company to enhance financial service in the agricultural sector.

The new reinsurance company, with registration capital worth 16.1 billion yuan (about 2.34 billion U.S. dollars), will be co-sponsored by 9 institutions including the Ministry of Finance, China Reinsurance (Group) Corporation and Agricultural Development Bank of China.

The move is part of government efforts to boost financial services in order to support rural vitalization, which involves measures to improve the agricultural reinsurance system.

SOURCE: http://www.china.org.cn