China will broaden the investment scope of insurers and simplify approval procedures to boost the industry's support for the nation's economic growth, the insurance regulator said.

The China Insurance Regulatory Commission will gradually increase the types of unsecured corporate bonds insurers can buy, Chairman Xiang Junbo said during a trip to Wenzhou in Zhejiang province, according to a statement posted on the watchdog's website on Friday.

The regulator will also "appropriately" adjust the percentage ceilings on different asset classes in insurance companies' portfolios, Xiang said without elaborating.

China Daily - Agencies