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Friday, January 21, 2000, updated at 20:21(GMT+8)
Business CIRC Seeking International Cooperation to Boost Insurance Industry

The China Insurance Regulatory Commission (CIRC), the watchdog of China's insurance industry, is seeking ways to boost international cooperation in order to establish a legal system for the industry.

According to CIRC officials, China's insurance industry has been developing rapidly since it resumed operation in the early 1980s, with a growing number of Chinese buying insurance policies.

At the same time, Chinese insurers are taking steps to provide diversified services to meet the growing market demand.

The CIRC held an international symposium on insurance industry supervision in Beijing recently, along with the Organization of Economic Cooperation and Development. The participating experts and officials from the two groups had extensive discussions on supervision systems and the challenges facing China's insurance industry.

Last year, Chinese insurance companies gained approval from the central bank to purchase construction bonds issued by major Chinese enterprises, and were granted indirect access to China's capital market, both of which are helpful for the further development of Chinese insurers. (Xinhua)

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