Beijing is stepping up efforts to prepare for the opening of its
insurance market two years from now, an official said in Beijing
over the weekend.
Liu Jingsheng, director of the Beijing Office of the
China Insurance Regulatory Commission, told a meeting that
Beijing should introduce more market-oriented reforms in the field
of insurance.
China's accession to the World Trade
Organization brings both opportunities and challenges to the
insurance industry, and the performance of domestic insurance
companies needs to be improved, Liu said.
He
said that the entry of foreign insurance companies will help
improve the structure of local insurance market.
There are seven insurance companies operating in Beijing. Their
insurance revenue during the first 10 months of this year totaled
11.7 billion yuan(US$1.5 billion).
(Xinhua News
Agency November 18, 2001)