China’s financial regulator unveiled a plan on Friday to enhance supervision and support the development of the property insurance industry, according to a statement.
The country will support qualified foreign financial institutions to invest in its property insurance market, and encourage domestic property insurance companies to optimize their offshore expansion, the statement said.
Additionally, the plan includes studying policy measures to promote the development of new energy vehicle insurance.
(Reporting by Ella Cao, Yukun Liu and Ryan Woo; editing by Mark Potter)
Photograph: A Chinese tourist peeks inside a red door of the Palace Museum inside the Forbidden City, which was the Chinese imperial palace from the mid-Ming Dynasty to the end of the Qing Dynasty, on May 18, 2011 in Beijing, China. (Photo by Feng Li/Getty Images)
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