(Yicai Global) Sept. 14 -- Aluminum Corporation of China Ltd. [SHA:601600;HKG:2600;NYSE:ACH], the world's second-largest alumina maker and better known as Chalco, has signed a strategic cooperation agreement with China Pacific Insurance Group Co. [SHA:601601] to set up a debt investment plan worth up to USD1.53 billion (CNY10 billion).

The plan will make use of insurance funds to invest in the construction of China's key aluminum projects in the form of perpetual creditor's rights funds, significantly optimizing the firm's debt structure and providing adequate funding, said online news outlet NetEase Finance on Sept. 13.

Chalco's profits increased ten-fold during the first half of this year, marking the company's best semi-annual performance since the 2008 financial crisis, said Chalco chair Yu Dehui.

The firm will continue to actively develop its aluminum processing business and employ advanced technology to promote transformation and development, he added.

China Pacific Insurance has grown into a leading comprehensive insurance group in China after more than 20 years of development. The firm has more than 110 million customers and boasts total assets exceeding USD168.5 billion. It has been included in the Fortune Global 500 list of the world's largest companies for seven consecutive years.