China to speed up insurance industry opening

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Chinese president Xi Jinping said China will accelerate the opening up of the country’s insurance industry this year to significantly broaden market access. Xi’s pronouncement was made during the Boao Forum in Hainan on Tuesday.

Last year, the Chinese government announced that measures would be taken to raise foreign equity caps in the banking, securities, and insurance industries.

“We will ensure that these measures are materialised,” Xi said.

In his speech, the Chinese president added that China will accelerate the opening up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China while expanding their business scope, and open up more areas for cooperation.

This post was syndicated from InsuranceAsia News. Click here to read the full text on the original website.

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