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May 5, 2017

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Insurance to be used to support real economy

CHINA’S top insurance regulator has moved to strengthen the sector’s role of supporting the real economy in its latest effort to improve supervision over fast growing insurance companies.

In a guideline released yesterday, the China Insurance Regulatory Commission rolled out an array of measures “to create a sound policy environment for the insurance sector to serve the real economy” and improve its quality and efficiency.

There will be stronger encouragement for insurance funds to be used in national development strategies, including supply-side structural reform, the debt-to-equity swap program, the Belt and Road, poverty relief, and the manufacturing improvement plan known as “Made in China 2025.”

By the end of March, insurance firms had put over 4 trillion yuan (US$580 billion) into infrastructure construction, renovation of rundown areas and other programs to lift people’s livelihood.

More efforts will be made to promote insurance for environmental protection, food safety and farm produce, said the guideline.


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