An official from China’s National Financial Regulatory Administration emphasized the pivotal role of the insurance sector in advancing the country’s financial market structure and ensuring the efficient allocation of financial resources. Speaking at the Lujiazui Forum in Shanghai, Li Yunze highlighted that China’s insurance industry assets currently represent only 7 percent of the nation’s total financial industry assets, significantly lower than the international average of around 20 percent. This disparity underscores substantial growth potential within the sector.
Li underscored the critical opportunity for the insurance industry to achieve high-quality development amidst China’s broader modernization efforts. He noted that increasing demands for elderly care, medical coverage, and social support are driving robust growth in diversified insurance products. With the expanding middle-income demographic and high savings rate among residents, Li emphasized promising prospects for insurance businesses ranging from retirement planning to health coverage.
The official’s remarks align with broader efforts to enhance financial stability and support the nation’s comprehensive socioeconomic advancement through strategic development of the insurance sector.
