China Life Insurance has requested that the government allow insurers to invest in China’s domestic private equity sector, the Financial Times reported. Yang Chao, chairman of the country’s largest life insurer, has submitted a proposal on the issue to the China People’s Political Consultative Conference. In the proposal, China Life said allowing insurers to participate in private equity would create a pipeline of strong companies for stock market listings. Insurers are now allowed to invest up to 20% of their assets in equities. China Life rival PICC is also seeking a broader range of investment options. Banks and securities companies are also currently lobbying to establish their own private equity funds.