China's insurance industry to accelerate development
( 2003-06-11 15:09)
China's insurance industry is playing an important role in domestic economy
and still has more potential, said Li Kemu, vice-chairman of the China Insurance
Regulatory Commission (CIRC).
He said that compared with banking and securities, insurance played a more
distinctive role in China's economy. In a mature securities market, insurance
companies were among the biggest institutional investors.
He said after China joined the World Trade Organization, more foreign
insurance companies entered the market, which meant cooperation as well as
competition for domestic insurance companies.
He said the CIRC would further widen the channels for insurance capital
usage.
He said the CIRC has simplified administrative procedures to improve
efficiency.
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