Chinese market News

Third Wave of Severe Flooding Expected in China

China warned that the worst of the deluges that have led millions to be evacuated may be yet to come, after a third wave of floods formed in the upper reaches of the Yangtze River on Sunday. “The flood control …

Excessive Floods Endanger Aging Chinese Dams and Could Cause ‘Black Swan’ Disaster

The dam at a small reservoir in China’s Guangxi region gave way last month after days of heavy rain in a collapse that could be a harbinger of sterner tests for many of the country’s 94,000 aging dams as the …

China to Offer Additional Insurance, Financial Support for Flood-Hit Regions

China’s banking and insurance regulator on Saturday announced measures to further increase credit and lending support and insurance protection for areas that suffered from recent floods. The China Banking and Insurance Regulatory Commission (CBIRC) said in a statement that financial …

China Braces for Continuing Floods in One of Worst Rainfall Seasons on Record

China is preparing for flooding in its northern regions that could potentially hurt crop output amid torrential rain that’s lasted over a month and caused billions of yuan in economic damage. The floods have killed 141 people and affected more …

Heavy Rains Batter China, Raising Flood Alert Levels for Cities on Yangtze River

SHANGHAI — The central Chinese city of Wuhan, epicenter of the new coronavirus pandemic, raised its flood alert level on Monday as torrential rain and thunderstorms battered swathes of the country, including the Yangtze river on which it sits. Wuhan …

German Insurer Allianz Seeks Asset Management License from China Regulators

Allianz is in talks with Chinese regulators for a license as the German insurer looks to eventually offer broad asset management services in the world’s second-largest economy. Discussions for a license to manage its own assets in China are at …

New Business Interruption Insurance Poses Risks to Chinese Insurers, Says Fitch

At the direction of the Chinese government, domestic insurers started selling business interruption insurance to cover Chinese enterprises against disruptions from the coronavirus outbreak, which may have unintended consequences. Fitch Ratings cautions that the move could pose risks to the …

China Plans to Relax Rules on Foreign Ownership of Domestic Life Insurers: Sources

China plans to make it easier for foreign life insurers to make controlling acquisitions and large equity investments in domestic peers, five people with knowledge of the matter said, as the country pushes ahead in opening up its financial sector. …

Korean Re Gets Chinese Approval to Open Shanghai Branch

Korean Re has completed the establishment of a branch office in Shanghai as the company received final approval from the authorities of the People’s Republic of China on Dec. 27, 2019. The new office in Shanghai will be Korean Re’s …

Allianz Pays $1B for Part of Goldman’s Stake in China Insurer Taikang: Sources

German insurer Allianz SE has paid about $1 billion for part of Goldman Sachs Inc.’s stake in closely held Chinese insurer Taikang Life Insurance Co., according to people with knowledge of the matter. Goldman sold a stake of about 4% …