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PICC becomes state-control share-holding company

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People's Insuance Company of China (PICC), the nation's largest insurance conglomerate, has transformed from a solely state-owned company to a state-controlled shareholding insurer, the company said Thursday.

The new company is set up with a registration capital of 30.6 billion yuan (4.5 billion U.S. dollars).

(Xinhua News Agency September 24, 2009)

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