Shanxi provincial government signed a partnership agreement with the People's Insurance Company of China (PICC) on June 7.

Lou Yangsheng, governor of Shanxi province, said that finance is vital to the province's economic transformation and upgrading, and that its insurance sector is a pillar of the modern finance sector.

There is a sound foundation in the province for cooperation between Shanxi and PICC, a leading company in the domestic insurance sector, he added.

Lou expressed his hopes that PICC will support new projects, the reform of State-owned enterprises, poverty alleviation, help revitalize rural areas and take its corporate responsibilities seriously.

Shanxi will also improve its business environment to facilitate the development of various financial companies and institutions in the province.

According to the agreement, the two sides will collaborate in fields including insurance, investment, infrastructure, energy and transportation, big data and healthcare.