The initiative is as a part of the country’s ongoing efforts to open up its insurance market to foreign firms.
At a financial forum in Beijing on Friday, Li Yunze, head of the NFRA, announced the green light for a joint venture between BNP Paribas and Volkswagen Financial Services. Additionally, U.S.-based Prudential Financial has been authorised to set up an insurance asset management company in Beijing.
“Next, we will continue to support Beijing’s financial opening as always,” Li said during the event.
China’s insurance market, the second-largest in the world, has seen rapid growth in recent years. By the end of 2023, total insurance assets in the country reached $4.2 trillion, trailing only the United States.
In a separate announcement at the same forum, China’s securities regulator reaffirmed its encouragement for foreign institutions to invest and conduct business within the country.
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