The State Council recently issued the "Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting the High-quality Development of the Insurance Industry", which proposes:

By 2029, it is expected to initially form a framework for the high-quality development of the insurance industry with expanding coverage, increasingly comprehensive protection, continuous improvement of services, stable and balanced asset allocation, sufficient solvency, and sound governance and internal control. The insurance regulatory system will become more sound and the regulatory capacity and effectiveness will be significantly improved.

By 2035, it is expected to basically establish a new pattern for the insurance industry with a complete market system, diverse products and services, scientific and effective regulation, and strong international competitiveness.

The "Several Opinions" emphasizes the need to strictly control access to the insurance market, rigorously supervise insurance institutions, crack down on insurance illegal and irregular activities, and effectively prevent and resolve risks in the insurance industry in a strong, orderly, and effective manner.

Efforts should be made to enrich the forms of catastrophic insurance coverage, actively develop the third-pillar retirement insurance, expand the coverage of health insurance, improve the inclusive insurance system, and enhance the level of insurance industry's service in guaranteeing people's livelihood.

Focus should be placed on major national strategies and key areas, serve technological innovation and the construction of a modern industrial system, leverage the long-term investment advantage of insurance funds, and enhance the quality and effectiveness of the insurance industry's service to the real economy.

To continuously improve the insurance market system, deepen the reform of key areas in the insurance industry, and promote high-level opening up to the outside world.

To enhance the precision of product pricing, improve the level of digitalization, and enhance the sustainability of the insurance industry.

To improve the mechanism for coordinating work between the central and local authorities, deepen inter-departmental coordination and collaboration, and strengthen the coordinated development policies that promote high-quality development of the insurance industry.