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 ELEVENTH FIVE-YEAR PLAN OF INDUSTRY DEVELOPMENT |
| In 2008, participators in the insurance industry in China fully carried out the scientific outlook on development, proactively participated in the extremely serious natural disaster relief and reasonably responded to the impacts of international financial crisis. Efforts on risk monitoring and prevention had been enhanced. The insurance industry maintained a stably fast growth. |
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| STATUS OF FOREIGN INVESTMENT |
| According to the statistics of MOFCOM, 1 foreign investment projects in Insurance industry(Insurance Industry (Code J70) hereinafter is in accordance with the National Economic Industrial Classification (GB/T4754-2202£©.) were newly set up in 2009, 4 less than that of the same period in the last year, and the amount of the actual utilized foreign capital reached USD 12,910,000. |
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| COMMITMENTS TO THE WTO AND INTERNATIONAL PRACTICES |
| Foreign non-life insurers will be permitted to establish as a branch or as a joint venture with 51 per cent foreign ownership. Within two years after China's accession, foreign non-life insurers will be permitted to establish as a wholly-owned subsidiary; i.e., with no form of establishment restrictions. |
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| DEVELOPMENT OF GLOBAL INDUSTRIES |
| As survey made by Wall Street stock analysts and insurance experts, which was sponsored by Insurance Information Institute, shows insurance made excellent achievements in 2006 which were enough to yield profits. Analysts also thought insurance premium would accelerate growth, almost double of their expectation of 2005. |
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