The Chinese government has announced plans to set up a national investment fund for insurance.

The State Council, China's Cabinet, has announced the fund will be given initial seed money of close to 50-billion US dollars.

It will be used to help provide insurance products for projects companies will be involved with as part of the "Belt and Road" initiative.

The new fund will be established as a stand-alone company, and will raise funds through bonds and the equity markets.

It will provide an opportunity for companies to obtain insurance on projects that individual insurance companies might not have been interested in investing in.