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CX Daily: How ‘Paper Wealth’ Masks Risks for Chinese Insurers

Published: Dec. 18, 2025 9:00 a.m. GMT+8

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In Depth: How ‘Paper Wealth’ Masks Risks for Chinese Insurers

When state-owned Dajia Insurance Group Co. Ltd. spent billions of yuan earlier this year buying into Industrial Bank Co. Ltd. (601166.SH +0.29%), the deal seemed unremarkable at first glance — a typical move by an insurer seeking a stable investment paying steady dividends.

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