China's insurance industry will fully open to the outside world by the end of 2004, three years after China's accession to the World Trade Organization.

This was announced in Beijing Tuesday by Meng Zhaoyi, director of the International Division of China's Insurance Regulatory Committee. He stated that China will

remove all restrictions on foreign insurance companies by the end of this year, including business location, scope of business and market access, reported China Radio International.

Meng also notes that the premium income of foreign insurance companies in China during the first half of this year has increased by over 50 percent from the same period last year.

In addition, he suggests that foreign companies will increase their share of the Chinese insurance market.

Thirty-nine foreign insurance companies are now operating in China. Last year, the total assets of foreign insurance companies in the country reached some 20 billion yuan, accounting for two percent of the whole Chinese insurance market.

Source: CRIENGLISH.com