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China to make insurance more supportive to real economy

Updated: May 4,2017 9:23 PM     Xinhua

BEIJING — China’s top insurance regulator has moved to strengthen the sector’s role of supporting the real economy in its latest effort to improve supervision over fast-growing insurance companies.

In a guideline released on May 4, the China Insurance Regulatory Commission rolled out an array of measures “to create a sound policy environment for the insurance sector to serve the real economy” and improve its quality and efficiency.

Insurance funds will receive stronger encouragement to be used in national development strategies, including supply-side structural reform, the debt-to-equity swap program, the Belt and Road, poverty relief, and the manufacturing improvement plan known as “Made in China 2025.”

By the end of March, insurance companies had channeled more than 4 trillion yuan (around $580 billion) into infrastructure construction, renovation of rundown areas and other programs related to people’s livelihood.

More efforts will be made to promote insurance for environmental pollution, food safety and farm produce, said the guideline.

The commission also vowed improved supervision, with better capital regulation, differentiated regulatory measures and a negative list for equity investment.

Total insurance premium income in China jumped 27.5 percent year on year in 2016, and the sector’s combined assets had amounted to 15.12 trillion yuan by the end of December.

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