China:Regulator eyes opening market wider to foreign insurers

China:Regulator eyes opening market wider to foreign insurers.

China will consider further opening up its financial markets this year to improve the sector’s competitiveness, the CBIRC has said.

The government will research new opening-up measures and expand the scope of liberalisation, with particular interest in allowing professional foreign insurers with strong compliance awareness to enter the Chinese market, Mr Xiao Yuanqi, a CBIRC spokesperson said at a press conference.

Mr Xiao said China would not only like foreign firms to set up branches and invest in China, but also hoped for them to bring in specialists and technology, reported the Xinhua news agency.

China introduced over 10 measures to open up its banking and insurance sectors last year, including easing ownership restrictions and enabling access to a number of niche markets.

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