Chinese market News

China to Raise Foreign Ownership Limit in Financial Services by Year-End

China laid out a clearer timetable on Wednesday for opening its financial sector to more foreign investment by the end of 2018, as Beijing looks to fend off growing criticism from the United States and others that it unfairly limits …

China’s Xi Maintains Commitment to Open Economy, Insurance Industry

Chinese President Xi Jinping promised on Tuesday to open the country’s economy further and lower import tariffs on products including cars, in a speech seen as an attempt to defuse an escalating trade dispute with the United States. While most …

FWD Taps Union Life’s Lau as MD of Greater China, CEO of Hong Kong & Macau

FWD Group announced the appointment of Ken Lau as managing director, Greater China, and chief executive officer, Hong Kong & Macau, effective March 29, 2018. With more than 27 years’ insurance industry experience across the region, Lau “will lead FWD’s …

China’s New Insurance & Banking Watchdog to Continue Opening Financial Sector

China’s new banking and insurance regulator said on Thursday [March 29] it will deepen the reform and opening up of the banking and insurance systems and will crack down on financial risk. In a statement, the regulator also said it …

China to Merge Banking, Insurance Regulators in Big Government Shake-Up

China is merging its banking and insurance regulators, giving new powers to policymaking bodies such as the central bank and creating new ministries in the biggest government shake-up in years. The revamp is a cornerstone of President Xi Jinping’s agenda …

XL Catlin Names Carpenter’s Xue as CEO/General Manager of XL Insurance (China)

XL Catlin announced the appointment of Phil Xue as chief executive officer (general manager) of XL Insurance (China) Co. Ltd. The appointment is pending regulatory approval. Xue will also act as country manager for XL Catlin in China, coordinating all …

China’s ‘Biggest Fiscal Risk Is Pension Risk’ from Aging Population

China’s pension shortfall is emerging as the next big challenge for policy makers as they intensify their years-long campaign to keep rising debt from derailing the economy. Aging in the world’s most populous country means pension contributions by workers no …

China Seeks to Broker Sale of a Stake in Anbang Insurance: Sources

China’s government, which has been probing alleged financial wrongdoing at Anbang Insurance Group Co., is seeking to broker the sale of a stake in the insurer, people with knowledge of the matter said. Central Huijin Investment Ltd., a unit of …

China Weighs Merger of Banking, Insurance Regulators: Sources

China is considering a merger of its banking and insurance regulators, people familiar with the matter said, as it seeks to better coordinate its attempts to counter financial risks in the world’s second-largest economy. Government agencies under the direction of …

China’s Ping An Saw Stock Market Capitalization Climb Whopping $101B in 2017

Insurance may lack the buzz and cachet enjoyed by tech companies, yet the stock of one Chinese company in the industry has kept pace handsomely with some of the highest-flying champions of the digital revolution. Ping An Insurance (Group) Co.’s …