China Opens Its West to Foreign Insurance Business

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Last updated at: (Beijing Time) Tuesday, June 17, 2003

China Opens Its West to Foreign Insurance Business

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The China Insurance Regulatory Commission, or CIRC, announced on Monday that foreign insurance firms will now be allowed to operate in Chengdu, the capital of Sichuan Province, and Chongqing. They become the first two cities in the western region open to foreign insurance.

The CIRC said foreign insurance companies are now allowed to open branches in Chengdu and Chongqing. The CIRC also gave approval for the French insurance company Groupama to enter the Chinese market, and open a branch in Chengdu.

Wu Dingfu, president of the CIRC, told reporters Monday that foreign insurance companies with rich experience in rural insurance would help develop the untapped insurance market in China's rural areas.

Wu said, "We have given permission to 13 cities throughout the country to open up to foreign funds. We have been trying to step up the development of the insurance market in the cities in central and western China. We will develop our own agricultural insurance company, and we hope foreign companies will be involved."

Wu also said that allowing the French company to operate in China shows that the Chinese government is fulfilling its commitment as a member of WTO.

So far, 36 foreign insurance companies have set up 57 operational branches in China, occupying about one percent of the market share in the country.

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