CHINA approved the creation of a new insurer whose shareholders include the nation's largest oil refiner, airline and aluminum producer.

The company will have eight shareholders, including China Petrochemical Corp, China Southern Airlines Co and Aluminum Corp of China, also called Chalco, according to a statement dated May 17 and posted on the Website of the China Insurance Regulatory Commission yesterday.

Zhang Weigong will serve as the new firm's chairman and general manager, according to the statement. He has served as the industry regulator's head in Guangdong Province in south China, which is one of the nation's most prosperous region. The new holding company won't be allowed to offer insurance services during its preparatory period of one year, the statement said. It also cannot change shareholders during that time.