Lingang New Area of Shanghai Free Trade Zone Photo: VCG
China's National Financial Regulatory Administration (NFRA) on Friday vowed to promote high-quality opening-up by supporting qualified overseas financial institutions to invest in the country's property insurance market,
MK sports Korea while supporting the high-quality development of overseas property insurance companies in the domestic market.
The NFRA stated that it will expand the exchanges and cooperation between domestic and overseas reinsurance markets, accelerating the formation of Shanghai as an international reinsurance center, and actively participating in international rule-making as well as exploring mutual recognition of regulatory rules.
It also noted to explore the interconnection of related property insurance businesses and support the development of the Hong Kong Special Administrative Region as an international financial center.
The administration proposed the measures within a development plan aiming to promote the high-quality development of the property insurance sector through strengthening management risks.
On the same day, multiple authorities in Shanghai including the People's Bank of China's (PBC) Shanghai Head Office, the management committee of Lingang New Area of the China Shanghai Pilot Free Trade Zone along with other authorities together put forward 50 measures to accelerate the high-level opening-up and high-quality development of the new area's financial sector through an implementation plan, the Securities Times reported.
For instance, the implementation plan proposed measures including laying ground work for an international financial assets trading platform, accelerating the creation of an international reinsurance functional area, and further promoting the opening-up of value-added telecommunications services on a pilot basis.
In another recent move, the first group of 14 pilot securities companies launched a business operation related to the Cross-boundary Wealth Management Connect Scheme on Wednesday as Residents from the Chinese mainland and the Hong Kong and Macao special administrative regions can now purchase one another's financial products through securities companies in the Guangdong-Hong Kong-Macao Greater Bay Area.
Pan Gongsheng, Governor of the PBC, said in November that the country is committed to continuing the steady promotion of institutional opening-up in financial market, enhancing cross-border financial market connectivity, boosting convenience in trade and investment and fund-raising, and building a market-oriented and law-based international business environment to accelerate China's sustained economic growth and high-quality development of the financial sector.
Global Times