The Headquarter of China Export and Credit Insurance Corporation in Beijing. [CFP]

China Investment Corporation, the country's sovereign wealth fund, invested 20 billion yuan (US$3.15 billion) in the China Export and Credit Insurance Corporation (Sinosure) in June, in a move to provide capital support for its commercialization and reform plan, according to a recent report.

The move came after the government planned to allow its financial institutions, including Sinosure, to transform into fully commercial entities.

Following the restructuring and listing of China's big four state-owned banks, the commercialization and reform of the state-backed financial institutions are considered the next crucial step in China's financial reform.

China Development Bank, one of China's major lenders, has finalized its evolution to a commercial financial institution, setting a good example for its followers, including Agricultural Development Bank of China and the Export-Import Bank of China.

The central bank said yesterday the injection won't immediately change the position of Sinosure as a policy insurer.

China's business press carried the story above on Thursday.

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