China's Insurance Market In 'Historic Phase'

NU Online News Service, July 7, 1:53 p.m. EDT?The opening of China's insurance market to foreign competition is entering a "new historic phase," according to a Chinese press report quoting a senior official from China's insurance regulation committee.

Today's People's Daily, China's official daily newspaper, reported that Insurance Regulatory Commission vice president Kemu Li said his commission has approved more foreign insurers to operate in China in the first half of 2003 and that the commission will "quicken the pace of reform" during the rest of the year.

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