CHINESE national pension insurer Guomin Pension & Insurance Co. (Guomin Pension) said on Monday that German investment firm Allianz Global Investors GmbH (AGI) will become a strategic investor. Analysts said that foreign financial institutions and patient capital continue to hike investment in China's pension finance market, indicating their confidence in the country's long-term economic growth and enormous business opportunities brought about by China's financial opening up.

According to a statement on the Guomin Pension's website, AGI plans to spend about 284 million yuan ($39.12 million) to buy a total of 228 million shares of the insurer. After the deal, the German financial firm will have a 2-percent stake in the insurance firm.