SHANGHAI, March 5 (Reuters) - A 50 billion yuan ($7 billion) fund jointly set up by China Life Insurance Co and New China Life Insurance Co is ready to start investing in China's stock market, according to registration record and state media.

The private securities fund will mainly invest in liquid, big-cap stocks and is the start of a pilot scheme to guide insurance money into the stock market, the official Securities Times reported on Tuesday.

China's financial regulators have repeatedly vowed to guide long-term capital into shares, part of efforts to revive a flagging stock market.

The new fund was set up on Feb. 29 and registered at the Asset Management Association of China (AMAC) on March 1, according to official records.

China's blue-chip CSI300 Index has rebounded from five-year lows hit last month as securities regulators took a series of steps to revive confidence, including a crackdown on computer-driven quant funds.

In a sign of recovering sentiment, China's first batch of 10 exchange-traded funds tracking the CSI A50 Index raised more than 16 billion yuan from investors, with several products hitting the 2-billion-yuan target.

Chinese ETFs have attracted roughly 330 billion yuan of money inflows so far this year, the Securities Times reported.

($1 = 7.1987 yuan) (Reporting by Shanghai newsroom; Editing by Jacqueline Wong)