China's search engine giant Baidu recently signed a cooperation agreement with China Life Insurance Co, the country's largest insurer, on Baidu's fund dominated in renminbi (RMB).

The fund with a total amount of 14 billion yuan ($2.23 billion) will mainly invest in the internet field, including mobile Internet, artificial intelligence, internet finance, consumer upgrades, and Internet plus.

China Life invested 5.6 billion yuan on the fund to support the development of the substantial economy and strengthen high-tech internet and asset allocation.

The cooperation was a significant achievement of Baidu Capital, the operator of the fund, since it was established in October, 2016.

China Life said its partnership with Baidu can broaden sources of its direct investment and give it access to be part of asset allocations in the most innovative and dynamic industries such as Technology, Media and Telecommunications (TMT).

Earlier on Feb 27 last year, Baidu and China Life agreed to work on AI, big data, cloud computing and Internet of Vehicles, as well as conduct deeper cooperation on financing platform, brand publicity and promotion and training and exchanges.

Baidu signs a cooperation agreement with China Life Insurance Co, the country's largest insurer, on Baidu's fund dominated in renminbi. [Photo provided to chinadialy.com.cn]