China's State Council, or the cabinet, has issued a circular titled Ten Suggestions on the Reform and Development of the Insurance Industry here Monday.

The circular said China's insurance industry will open to international competition while improving service standards. The country will give priority to the development of non-life insurance, life insurance, reinsurance and insurance intermediary sectors.

The cabinet said in the circular that insurers need to improve their corporate governance and service standards, strengthen the management of insurance funds and broaden the investment of their assets.

The cabinet said the industry regulator needs to strengthen the regulation and supervision to prevent and decrease risks, and protect the interests of the insured.

It said primary schools should provide courses to enhance awareness of the insurance industry.

Source: Xinhua