(economic observation) china's insurance industry welcomes the "ten national policies" again, clarifying three major central tasks
2024-09-12
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
china news service, beijing, september 12 (reporter wang enbo) the state council of china recently issued the "several opinions on strengthening supervision, preventing risks and promoting high-quality development of the insurance industry" (hereinafter referred to as "several opinions"), and the top-level design document of the insurance industry, "ten national articles", has been updated again.
the previous two versions of the "ten national regulations" for the insurance industry were issued in 2006 and 2014 respectively. the former clarified for the first time the position of the insurance industry in the national economy and social construction, while the latter focused on the role of insurance in the government's improvement of public services and emphasized the interaction between the insurance industry and the reform of related fields. both documents have played an important role in promoting the development of the industry.
in response to the current situation, the new version of the "ten national policies" defines the three central tasks of the insurance industry: "strengthening supervision, preventing risks, and high-quality development", and sets a timetable:
by 2029, a high-quality development framework for the insurance industry will be initially formed, with steadily expanding coverage, increasingly comprehensive protection, continuously improving services, prudent and balanced asset allocation, sufficient solvency, and sound and effective governance and internal control. the insurance regulatory system will be more sound, and regulatory capacity and effectiveness will be greatly improved. by 2035, a new pattern of the insurance industry will be basically formed, with a complete market system, rich and diverse products and services, scientific and effective supervision, and strong international competitiveness.
in terms of strengthening supervision and preventing risks, the "several opinions" proposes to strictly control access to the insurance market, severely rectify illegal and irregular insurance behaviors, and effectively and orderly prevent and resolve risks in the insurance industry.
a research report by cicc pointed out that "development" and "strengthening supervision and preventing risks" are not contradictory. since the establishment of the state financial regulatory administration, a number of policies such as "integration of insurance companies" and lowering of pricing interest rates have timely and effectively improved unfair competition in the insurance industry and resolved potential interest rate risks. based on the changes in the internal and external environment faced by the industry after a period of rapid development, policies related to strengthening supervision and preventing risks will be an important driving force for the industry to move towards high-quality development.
the basic principle of insurance products is "i for everyone, everyone for me". they are regarded as economic shock absorbers and social stabilizers, and play an important role in ensuring and improving people's livelihood, preventing and reducing disasters, and serving the real economy.
the opinions have devoted much attention to this. for example, in order to improve the level of insurance industry in serving the people's livelihood and deepen the reform and opening up of the insurance industry, the government has proposed to enrich the forms of catastrophe insurance, deepen the comprehensive reform of auto insurance with a focus on commercial insurance for new energy vehicles, actively develop the third pillar of pension insurance, support high-quality overseas insurance institutions to set up legal entities and branches in china, and give full play to the family protection and wealth inheritance functions of life insurance. many contents directly address the concerns of insurance consumers and the market.
in addition, insurance funds have the characteristics of strong stability, counter-cyclicality, and high certainty, and are the "long money" that the capital market and technological innovation urgently need. deng bin, chief investment officer of ping an of china, analyzed that life insurance liabilities have long duration and large capital scale, which can provide continuous financial support for long-term projects and support strategic emerging industries and technology investment through various means such as equity investment.
the "several opinions" also aims to improve the quality and efficiency of the insurance industry in serving the real economy, and emphasizes the long-term investment advantages of insurance funds. the document proposes to actively connect with the risk protection and financing needs of major national strategies, key areas and weak links such as the high-quality joint construction of the "belt and road"; increase investment in strategic emerging industries, advanced manufacturing, new infrastructure and other fields to serve the development of new quality productivity, etc.
xu xian, director of the department of risk management and insurance at the school of economics at fudan university, believes that the "several opinions" summarizes the main functions of insurance into two categories: "serving people's livelihood security" and "serving the real economy", which reflects an accurate understanding of the functions of the insurance industry and also demonstrates its close connection and in-depth connection with the "five major articles" of finance.
in xu xian's view, the essence of "serving people's livelihood security" is to promote the integrated development of products and services, further enhance the sense of gain of the insured, and improve the level and quality of insurance protection; the key to "serving the real economy" is to give full play to the advantages of long-term investment and patient capital of insurance funds, and provide solid support for major national strategies and key areas, scientific and technological innovation and modern industrial systems. he believes that the "several opinions" will become a new policy beacon for the high-quality development of the insurance industry. (end)
