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Shanghai Sets Up Insurance Business Research Office
Shanghai, China's leading insurance business center, set up a research office on insurance development at Fudan University Thursday.
The office will mainly study the insurance market, draft a long-term plan after China's entry into the World Trade Organization (WTO), amend related laws and regulations and provide information for policy makers.
Zhou Yanli, who oversees local insurance business, said all the research staff in the office are specialists from higher educational institutions. Consultants are either from insurance companies or from insurance societies.
Shanghai's insurance market has developed steadily in recent years. Statistics show local insurance premiums last year totaled 11.5 billion yuan (about 1.38 billion U.S. dollars), 2.86 percent of the local GDP. The figure is expected to hit 38 billion yuan to 40 billion yuan by 2005, with 70 percent coming from life insurance.
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