Hey amigos! 📢 Big news coming out of China: the country's financial regulator just rolled out an action plan to supercharge the property insurance industry over the next five years! 🚀
The National Financial Regulatory Administration is pushing for deeper reforms and more openness in the industry. They're all about speeding up business transformation and leveling up! 🎮
One of the coolest things? They're boosting insurance research and getting into futuristic fields like intelligent driving (hello, self-driving cars! 🚗💨), the low-altitude economy (think drones and flying taxis 🛩️), and even quantum technology! 🧪✨
But that's not all. They're opening doors for qualified overseas financial institutions to invest in China's property insurance market. Plus, they're encouraging Chinese insurance companies to expand globally and supporting foreign-funded insurance companies to thrive in China. 🌐🤝
The plan also talks about expanding cooperation in domestic and international reinsurance markets. They're exploring ways to make regulatory rules internationally recognized and to connect property insurance businesses across borders. 🌍🔗
On top of that, they're focusing on improving how they prevent and handle risks. Diversifying methods to tackle challenges is key to keeping things running smoothly! 🛡️🔧
This move shows China's commitment to boosting its insurance industry and embracing global cooperation. Exciting times ahead! 🎉
Reference(s):
China issues action plan to boost property insurance industry
cgtn.com
