Two Chinese insurance companies to be listed within the year

Home>>Business

Last updated at: (Beijing Time) Friday, February 13, 2004

Two Chinese insurance companies to be listed within the year

Chinese top insurance regulator said that two Chinese major insurance companies, New China Life Insurance and China Ping An Insurance, would be listed in stock market within the year.

DISCUSSION

CHINESE

SEND TO FRIEND

Chinese top insurance regulator said that two Chinese major insurance companies, New China Life Insurance and China Ping An Insurance, would be listed in stock market within the year.

One would be listed in the domestic market and the other would be floated in overseas market, said Wu Dingfu, chairman of China Insurance Regulatory Commission (CIRC), at a press conference held by the Information Office of the State Council here Friday.

So far, two leading Chinese insurance companies, People's Insurance Company of China (PICC) and China Life have been listed in the overseas stock markets.

The chief insurance regulator said that insurance products featuring low premium rates and wide coverage should be tapped to support the country's rural development.

For instance, the insurance varieties badly needed by farmers should cover breeding and planting industries, frequent natural disasters including floods and earthquakes, as well as farmers' health care, said Wu.

He told a press conference organized by the Information Office of the State Council that different categories of insurance products should be adopted to serve China's agricultural industry, rural areas and farmers, noting that the countryside is very large and development is unbalanced.

Two or three provinces and municipalities will be chosen to carry out new policies for rural insurance development on a pilot basis, he revealed.

Wu said that China encourages foreign insurance companies to establish business in China's vast west region and old industrial belt in northeast China.

He said China would honestly fulfill its promises made when acquired World Trade Organization membership in 2001 and gradually loosen the geographic restrictions for foreign insurance business.

Questions?Comments? Click here

China Life boasts half of domestic market share

Insurance industry to be further spurred

Insurance sector diversifies investment in 2003

Why Lai Changxing's appeal to Canadian court rejected? ( 6 Messages)

Japan decides to further cut back economic aid to China ( 30 Messages)

US media urge gov't not to surrender China market to EU ( 2 Messages)

Bird flu detected in US as virus wanes in Asia ( 2 Messages)

Handling Sino-Japan ties in an overall perspective ( 4 Messages)