The 15th Lujiazui Forum opened. Li Yunze, Secretary of the Party Committee and Director of the China Banking and Insurance Regulatory Commission, delivered a speech, indicating that the insurance industry has great potential in serving China's modernization. The insurance industry's assets account for about 7% of China's total financial assets, while the international average is generally around 20%. Accelerating the development of the insurance industry is beneficial to improving the financial market structure, optimizing the allocation of financial resources, and enhancing the stability of the financial system.
Li Yunze stated that Shanghai is at the forefront of financial industry reform and opening up in China. Recently, the China Banking and Insurance Regulatory Commission will work with the Shanghai Municipal People's Government to issue implementation opinions to accelerate the construction of the Shanghai International Reinsurance Center. Actively exploring pilot investment by insurance funds in Shanghai Gold Exchange gold contracts and related products, relaxing non-resident merger and acquisition loan restrictions in the Lingang New Area, and encouraging China Insurance Investment Corporation and other institutions to better play the long-term investment function of insurance funds in Shanghai. Supporting more foreign financial institutions to settle in Shanghai.
He also pointed out that more financial opening measures will be promoted to be tried first in Shanghai, fully supporting the construction of Shanghai International Financial Center and the integrated development of the Yangtze River Delta, fully exerting Shanghai's leading and demonstration role in promoting China's modernization process.
Stimulated by the news, mainland insurance companies generally performed well. China Life Insurance (02628.HK) closed at HKD 11.1 at noon, up 2.97%; Ping An Insurance (02318.HK) closed at HKD 37.05 at noon, up 2.63%; China Pacific Insurance (02601.HK) closed at HKD 20.4 at noon, up 2.2%; PICC Group (01339.HK) closed at HKD 2.73 at noon, up 1.49%. (cy/u)
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