China unveils measures to build Shanghai into global reinsurance hub

BEIJING, July 7 (Xinhua) -- China's National Financial Regulatory Administration and the Shanghai municipal government have jointly rolled out a series of measures to develop Shanghai into a global reinsurance hub, the two authorities said Tuesday.

Specifically, the measures aim to facilitate smooth flows and efficient allocation of various factors in the Lingang new area of the China (Shanghai) Pilot Free Trade Zone, while encouraging major companies to centralize the management of their risk protection needs within the area.

Domestic insurers will be encouraged to register reinsurance contracts, claims and related information at the Shanghai International Reinsurance Registration & Exchange, the authorities said, adding that reinsurance institutions will be supported in raising capital, expanding shareholding and issuing capital-supplementary instruments.

Additionally, efforts will be made to leverage the Lingang new area's strengths in cross-border cooperation to attract insurance institutions to explore new growth opportunities, the authorities said.

They added that the measures are part of broader efforts to build Shanghai into an international financial center, a key task set out in the outline of China's 15th Five-Year Plan (2026-2030).