April 29, 1999
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| April 29, 1999 | atimes.com | |
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| China Insurance market to be opened further to outside companies BEIJING - China will further open up its insurance market to foreign competition, Ma Yongwei, chairman of the China Insurance Regulation Commission, said. China will do so with the gradual improvement in the legal system and the government's supervision ability concerning the insurance market, he said. He made the remarks while answering reporters' questions at the 1999 Mainland and Hong Kong Insurance Conference, which opened on April 27 and attracted more than 100 insurance regulators, company officials and scholars from the Chinese mainland, Hong Kong as well as Taiwan. Speaking at the opening ceremony, He Jiesheng, managing director of the Insurance Institute of China, said China not only would approve more foreign insurance firms to set up business in the country, but also would allow them to expand their business scope and set up offices in more Chinese cities besides Shanghai and Guangzhou. The opening of the Chinese market to foreign insurers will bring the country advanced management expertise and know-how, which will help improve the performance of Chinese insurance companies, she said. Up to now, nine foreign insurance companies from seven countries have started business operations in China. Another 113 foreign insurance institutions from 17 countries have set up 202 representative offices in the country, while five foreign companies have been approved to set up solely-funded businesses or joint ventures in China. (Asia Pulse/XIC) | |||||||||
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