China Pacific Insurance Vice President Su Gang: Integrating Sustainable Development into Shanghai's Growth Strategy

Deep News
10/18

The 2025 Sustainable Global Leaders Conference took place from October 16 to 18 in the Expo Park, Huangpu District, Shanghai.

Co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the International Financial Reporting Standards (IFRS) Foundation's Beijing office, and organized by Sina Finance and the WGDO's Beijing representative office, this event received backing from the Huangpu District government.

As a global partner of the conference, Shen Energy Group held a special sub-forum titled “Shanghai Actions and Multidimensional Synergy in Global Transformation.” Discussions centered on topics such as creating a sustainable development model for the East, decoding the sustainable driving forces behind Shanghai's industrial upgrades, and exploring new paradigms of growth for Shanghai’s five major centers.

Su Gang, Vice President, Chief Investment Officer, and Financial Officer of China Pacific Insurance (CPIC), attended the conference and delivered a keynote speech. He stated that the construction of Shanghai's "five centers" is a critical component of the national strategy and is essential for driving high-quality development. As a financial insurance enterprise rooted in Shanghai, CPIC focuses its core strategic task on supporting the development of these five centers, integrating professional capabilities with a sustainable development philosophy to contribute to Shanghai's overall growth.

Su Gang shared CPIC's practices and insights across various dimensions such as economic development, financial innovation, sci-tech support, maritime security, and trade services. Economically, CPIC drives vitality into Shanghai's position as an international financial hub, achieving a year-on-year growth of 24.7% in net profit, amounting to 44.96 billion RMB, while securing nearly 32 billion RMB in premium income in Shanghai, thereby providing robust support for the city's stable growth. More importantly, CPIC incorporates sustainable finance principles within both its assets and liabilities, utilizing green insurance, responsible investment, and advanced climate risk management to achieve the highest MSCI ESG rating globally and drive the green transition of the economy.

Additionally, CPIC fully leverages its risk management and financial intermediation functions to help startups in innovative technology resolve uncertainties, employing “patient capital” to support strategic emerging industries. With its comprehensive service capabilities, CPIC safeguards the development of Shanghai's international shipping center and ensures the security of major national strategic projects, while actively supporting Chinese enterprises in their global outreach and facilitating international trade with indispensable risk protection.

Su Gang emphasized that the ambitious vision for the future requires the collective efforts of all sectors of society. CPIC will continue to deepen collaborative efforts through precise product services, enhanced financial support, and active industry participation to contribute significantly to the further advancements of Shanghai's five centers.

The following is the full speech delivered by Su Gang: "Honored guests, colleagues, ladies and gentlemen, good afternoon! The topic I am reporting on today is how to leverage the professional power of insurance to elevate the capacity of Shanghai’s five centers.

The construction of Shanghai’s five centers is not only an important strategic layout of the nation but also a key engine for driving high-quality development. As a finance and insurance enterprise deeply rooted in Shanghai and serving the whole country, CPIC has always regarded supporting the construction of these five centers as a crucial strategic mission. With our professional capacity as a foundation and a core philosophy of sustainable development, we immerse ourselves deeply into the construction process of Shanghai’s five centers, continuously improving our working mechanisms, enhancing our capabilities, and optimizing product services to fulfill our responsibilities as a financial enterprise through tangible actions.

It is my honor today to share some of CPIC's experiences and reflections during this journey. Firstly, focusing on economic development and urban construction, CPIC continuously energizes the construction of Shanghai's international financial center through its high-quality growth, reporting a 24.7% year-on-year increase and achieving a net profit of 44.96 billion RMB, with premium income in Shanghai close to 32 billion RMB, providing robust support for the city's stable growth.

Secondly, CPIC is committed to advancing sustainable financial innovation to empower the construction of the international financial center. Sustainable finance encompasses rapid innovation in product supply and services along both asset and liability sides. In 2024, our provided green insurance coverage exceeded 147 trillion RMB, successfully launching Shanghai’s first carbon inclusive insurance for carbon assets in collaboration with Shen Energy and SAIC Group, filling a gap in carbon inclusive risk management. We continually refine our responsible investment management system to integrate ESG factors into the investment value chain, significantly enhancing our support for clean energy, green transport, and circular economy sectors, with green investment reaching over 260 billion RMB. We have taken the lead in climate risk management by conducting quantitative analyses and stress tests on climate scenarios on the liability side, incorporating local meteorological data to build a detailed climate risk assessment model and enhance our capability to manage medium- to long-term climate risks. Our company holds the highest AAA rating from MSCI for ESG standards, making us the only insurance institution in mainland China to achieve this recognition, which signifies comprehensive recognition from international authoritative bodies.

Thirdly, we support the construction of technology innovation centers, igniting new momentum for industrial development. Technological innovation is the primary driving force for development. The journey of technology enterprises from inception to maturity is fraught with significant uncertainties, and insurance is a crucial force in mitigating these risks. As the leading unit of the Shanghai Technology Insurance Task Force, we are continuously exploring a sustainable new eco-system for technology insurance. In 2024, we served over 10,000 technology enterprises, focusing on three emerging industries by providing over 1 billion RMB in clinical trial and pharmaceutical safety liability guarantees to 191 innovative drug companies, and offering business and credit financing support through entrepreneurial responsibility insurance and performance guarantee insurance for small and medium-sized technology enterprises.

The development of technological innovation relies on long-term, stable capital support. Our insurance assets play the role of patient capital, enabling us to establish private equity funds and invest in leading industry funds targeting strategic emerging sectors such as healthcare, advanced manufacturing, artificial intelligence, and digital technology, accumulating over 100 billion RMB in technology investments as of last year.

Fourthly, we build comprehensive service capabilities to protect the construction of the international shipping center. Insurance originated from maritime transport, and after hundreds of years of experience and technical accumulation, it has evolved from merely a risk compensation tool to an important safeguard for the scale and globalization of the shipping industry. CPIC is the only domestic company capable of insuring all types of vessels and offering services in the construction sector. We provide complete risk management for projects related to the safety of the shipping industry's supply chain, autonomous large ocean-going vessels' design and construction, as well as major national strategic resource transportation for One Belt and One Road foundational aid projects.

We have also insured China's independently designed and developed first fifth-generation 174,000 cubic meter LNG transport ship chain's autonomous controllability developed by China State Shipbuilding Corporation.

Fifthly, we assist in the establishment of international trade centers, promoting high-level openness. As a risk management tool, insurance plays an irreplaceable role in facilitating smooth international trade and supporting high-level openness. We actively safeguard Chinese enterprises' overseas operations; our overseas business now covers 180 countries and regions, serving as reinsurers multiple times for key projects in infrastructure, electric power, and petrochemicals, and providing more than 3 trillion RMB in risk coverage for overseas businesses. We also support significant national trade exhibitions, offering comprehensive risk protection services for the China International Import Expo for seven consecutive years, with cumulative coverage amounting to 51.4 trillion RMB.

We dispatched service personnel to the venue over 400 times, aiding in the achievement of zero-carbon effects for the expo and recording the carbon footprints of attendees, making the event a benchmark for green exhibition standards globally.

Finally, we unite collaborative efforts to sketch a new blueprint for the five centers. Building a magnificent urban blueprint requires the joint efforts of all societal sectors. In the future, CPIC will further deepen its collaborations with government departments and industry chain partners, aligning precisely with their needs to develop customized, forward-looking insurance products and services while strengthening financial support to guide more funds toward crucial areas of center construction. Additionally, we will actively participate in industry research and standard-setting, sharing CPIC's practices and contributing wisdom to the construction of the five centers, achieving new advancements.

We firmly believe that a modern international metropolis with global influence will contribute significantly to development. Thank you all!

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