Insurance pushed in hub target
By Maggie Zhang |
January 30, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S insurance regulator will promote shipping insurance, pensions and health insurance to help propel the city into a leading global financial and shipping center by 2020, it said yesterday.
Shipping insurance, for example, is lagging in the city's maritime industry and with the introduction of these products more global firms will also be invited to set up offices in the city to help boost its growth into a global hub.
Shanghai is also speeding up the implementation of an "exempt-and-tax" program for individual pensions. The program is one of Shanghai's innovations under the guidelines of the State Council, China's Cabinet, to build the city into a major financial hub by 2020.
The program offers an incentive for people to buy retirement policies by cutting their tax payment in China where commercial insurance penetration is still low.
The insurance industry, on the whole, performed much better in 2009.
Total insurance premiums in Shanghai rose 10.8 percent to 66.5 billion yuan (US$9.74 billion) last year.
Shipping insurance, for example, is lagging in the city's maritime industry and with the introduction of these products more global firms will also be invited to set up offices in the city to help boost its growth into a global hub.
Shanghai is also speeding up the implementation of an "exempt-and-tax" program for individual pensions. The program is one of Shanghai's innovations under the guidelines of the State Council, China's Cabinet, to build the city into a major financial hub by 2020.
The program offers an incentive for people to buy retirement policies by cutting their tax payment in China where commercial insurance penetration is still low.
The insurance industry, on the whole, performed much better in 2009.
Total insurance premiums in Shanghai rose 10.8 percent to 66.5 billion yuan (US$9.74 billion) last year.
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