China unveils measures to strengthen insurance sector

China’s state council announced on Wednesday plans to implement comprehensive measures to improve the country’s insurance sector and prevent risks.

In a statement, the Chinese State Council stated that concrete guidelines will be issued to strengthen supervision and oversight of the insurance industry. New insurance agencies will be subject to stricter approval processes, and the overall quality of the sector will be improved.

The government will also support qualified enterprises to participate in the reform of insurance organisations. Additionally, eligible foreign insurance institutions will be encouraged to establish legal entities and branches in China.

These measures aim to enhance the stability and competitiveness of China’s insurance industry.

Attribution: Reuters