The approval for the establishment of a property insurance company in Beijing by the French Paris Insurance Group in collaboration with the German Volkswagen Financial Services Overseas Company has been officially granted. The approval for Prudential Insurance Company of America to establish an insurance asset management company in Beijing has also been granted. These developments were disclosed by Li Yunzhe, Director of the China Banking and Insurance Regulatory Commission, at the Financial Street Forum on the designated date.

Against the backdrop of accelerating financial sector opening-up in China, two foreign insurance institutions have established a presence in the Chinese market, with foreign investment continuing to be a significant driving force behind the reform and development of China's financial sector. Earlier this year, a senior official from the China Banking and Insurance Regulatory Commission (CBIRC) stated that the CBIRC had removed the restrictions on foreign ownership ratios, allowing foreign investors to hold % of the shares in banking and insurance institutions. The negative list for foreign investment access, which previously included restrictions on the financial sector, has been completely cleared. Currently, the business scopes of foreign banks and insurance institutions are fully aligned with those of domestic institutions, achieving full national treatment.

In fact, since the high-level opening-up of China's financial industry, many foreign institutions have continuously expressed their willingness to increase investment. In recent years, under the premise of ensuring financial security, the Financial Regulatory Authority has introduced a series of opening measures, further relaxing foreign entry conditions and simplifying administrative licensing procedures. The insurance industry, as the "vanguard" of financial industry opening-up, has performed well in attracting foreign investment. Both Sino-Italian Property Insurance and Groupama Insurance have transitioned from joint venture insurance companies to wholly foreign-owned insurance companies. Additionally, this year, multiple foreign institutions have continued to increase their investment in China's insurance market through equity acquisitions and strategic investments. Foreign shareholders have invested in companies such as Taiping Pension and People's Pension Insurance.

Currently, China is the world's second-largest insurance market. With foreign institutions gradually entering the insurance industry, their abundant management experience and product offerings will drive the improvement of the insurance industry's development level. In particular, the market innovation experiences brought by the entry of foreign insurance institutions will facilitate the transformation and upgrading of the insurance market, enhance the service quality and product innovation capabilities of domestic insurance institutions, to meet the diverse needs of Chinese consumers.

Of course, it must also be acknowledged that there are certain differences in the business philosophies and cultures among foreign insurance institutions. Strengthening supervision and guidance to ensure the healthy and stable development of the market is quite important. In the next step, the Financial Regulatory Authority will further explore differentiated regulation for foreign banks and insurance institutions, refining and implementing regulatory rules that align with the characteristics of foreign entities, continuously optimizing the business environment; further improving the rules for foreign investment access, reasonably streamlining restrictive measures, and promoting the landing of more foreign investment examples; supporting qualified foreign financial institutions to participate in various businesses and pilot programs; at the same time, supporting foreign entities to leverage their own advantages to serve technological innovation and green low-carbon development, actively integrating into national strategies and regional development strategies such as the coordinated development of the Beijing-Tianjin-Hebei region and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, thereby gaining more market development opportunities.

Chairman of the China Securities Regulatory Commission, Wu Qing, also stated at the aforementioned forum that the CSRC will unswervingly continue to promote comprehensive institutional opening-up in the market and institutions, expand channels for overseas listings, and encourage foreign institutions to invest and operate in China.

At the Financial Street Forum, in addition to Li Yunzhe and Wu Qing, Pan Gongsheng, Governor of the People's Bank of China, also delivered a speech. The last time the three gathered was at the State Council Information Office press conference at the end of the month, where a series of economic and financial measures "ignited" the Chinese capital market. This time, besides the openness signals mentioned above, what other positive signals they have released for the market are worth paying attention to.

In terms of macroeconomic policy, Pan Gongsheng stated that the direction of macroeconomic policy has shifted from being more biased towards investment in the past to giving equal emphasis on both consumption and investment, with a greater focus on consumption. The policy tools that the market "eagerly anticipates" are entirely based on market principles, and the convenience of swaps does not involve direct financial support from the central bank.

In deepening capital market reforms, Wu Qing stated that a plan for further deepening capital market reforms will be developed; efforts will be made to enhance the stability, transparency, and predictability of policies, striving to create an environment where various types of capital are willing to enter and thrive; at the same time, the entire chain of supervision will be strengthened, including issuance and listing, information disclosure, share reduction, and delisting, with necessary constraints enforced. Additionally, Wu Qing revealed that support will be provided for the development and expansion of new quality productivity, with the focus on supporting high-quality innovative enterprises, enhancing the inclusiveness and adaptability of the system, optimizing the issuance and listing system, implementing the "Six Measures for Mergers and Acquisitions," and quickly launching a batch of typical cases.