US Company Wants Bigger Share of China's Insurance MarketAn American company may expand its business in China's insurance market on the eve of the country 's entry into the WTO.Edmund S.W. Tse, president of the Insurance American International Group, Inc., said that the company will make greater contribution to China's reform and development as it has already obtained profound knowledge about Chinese society. Tse made the statement at a recent international meeting on the opening of the Chinese market. He said that if China enters the World Trade Organization, the Chinese economy will benefit greatly, and more foreign companies are likely to be engaged in the country's service industry. Tse's company set up its Shanghai branch in 1992 and has invested a great sum in China's telecommunications, transportation and infrastructure sectors. Tse estimated that the Chinese people will spend more on life insurance, retirement insurance and health insurance, as citizens' awareness in this regard is improving. Compared with insurance markets in other parts of the world, the potential of the Chinese market is even bigger, he said. |
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