Chinese State Councilor Hua Jianmin said here Monday that the growth of insurance industry will help expand domestic consumption and export.

China issued a circular titled Suggestions on the Reform and Development of the Insurance Industry here Monday, saying the country will give priority to the development of non-life insurance, life insurance, reinsurance and insurance intermediary sectors.

At a national meeting on insurance industry here Monday, Hua said the insurers need to improve their corporate governance, strengthen the management of insurance funds and broaden the investment of their assets.

Chinese Vice Premier Huang Ju wrote an instruction to the meeting, saying that the industry regulator needs to strengthen the supervision to prevent and decrease risks, and protect the interests of the insured.

Industry analysts said the country needs to put more emphasis on agriculture insurance, medical insurance and endowment insurance.

Source: Xinhua