(Yicai Global) May 31 -- China will promote the detailed implementation rules for the development of Shanghai as a reinsurance hub and open an international reinsurance trading market in the financial city.

Since the China Banking and Insurance Regulatory Commission and the Shanghai city government issued the Guiding Opinions on Promoting the Construction of Shanghai Reinsurance Hub in October 2021, the country has been promoting the plan, The Paper reported Zhang Zhongning, deputy director of the General Office of the National Administration of Financial Regulation, as saying.

According to the guidance, an international reinsurance zone in the Lingang New Area of the Shanghai Free Trade Zone will be built to create a transparent, convenient, and efficient global reinsurance trading market.

China will also build a reinsurance functional zone in the Lingang New Area, compatible with domestic and foreign business conditions. By setting up reinsurance operational centers there, domestic and foreign insurers can take advantage of policy support, including exclusive fiscal and tax incentives, cross-border capital facilitation, and differentiated supervision.

Editor: Martin Kadiev