JULY 2018: Shanghai’s 100 Financial Opening Measures Set JLT China on a New Journey
26 July 2018
Recently, Shanghai announced its proposal of 100 important opening measures, 32 of which involving the financial sector, which highlighted the importance of having an open financial sector in China. On July 18th, as the first batch of foreign-invested institution approved by China Banking and Insurance Regulatory Commission (CBIRC) to expand its business scope, JLT China was interviewed by more than 20 media agencies, including Xinhua News Agency, CCTV, People's Daily, Guangming Daily, Economic Daily, Shanghai Television, Jiefang Daily, Wenhui Daily, CBN, Jiemian News and the Paper.
Achieving National Treatment with the Opening of Insurance Services
Said CEO of JLT China, Philip Rong: “These 100 measures have greatly promoted the service and business development of JLT China. After the expansion of business scope, foreign insurance brokerage companies are now enjoying “national treatment” in China, meaning that there is no difference between the scope of business that can be carried out by foreign or domestic insurance brokers alike.
The opening of the market creates a competitive environment, which is positive for both the customers and the overall development of the industry. The opening also provides opportunities for JLT China to add to its foundation of providing risk management services to large-scale business risks, such as furthering our strategic deployment in SME business, High Net Worth wealth management, high-end personal insurance and corporate employee benefits insurance. This is while we continue to consolidate our leading position in special risk areas. We hope to meet local needs through a coordination of high-quality foreign products, talent, teams and system support.”
In Shanghai, For China
In March of this year, JLT China moved its headquarters from Guangzhou to Shanghai.
“Shanghai is building an international financial centre and an international insurance centre, both of which have strong geographical advantages,” said Philip Rong. “It goes without saying that we would move our headquarters to Shanghai due to the support and benefits we enjoy here, be it in terms of talents, funds, customers, markets or policies. One of the 100 measures involves the further opening of the insurance industry. This is a great opportunity for JLT China to climb to new heights by using our Shanghai base to expand our services to the whole of China.”
To view this in Chinese and for other news references, please visit JLT China's website https://www.cn.jlt.com/jlt-insights/100-measures-for-open-up