China’s
national pension
insurer• Страхование » Страховщик introduces foreign
investor• Экономика » Финансы » Инвестиции » Инвестор as financial
opening-up picks up speed
China’s national pension insurer• Страхование » Страховщик introduces foreign investor• Экономика » Финансы » Инвестиции » Инвестор as financial
opening-up picks up speed
By Ma Jingjing ( Global Times ) 13:33, June 25, 2024
Chinese national pension insurer• Страхование » Страховщик Guomin Pension & Insurance• Страхование Co said on
Monday that German investment• Экономика » Финансы » Инвестиции firm Allianz• Страхование » Страховые компании » Страховые компании Германии » Алльянц СЕ
• Объект организация » Организации по алфавиту » Организации на Al » Алльянц СЕ Global Investors GmbH will become a
strategic investor• Экономика » Финансы » Инвестиции » Инвестор. Analysts said that foreign financial institutions and
patient capital continue to hike investment• Экономика » Финансы » Инвестиции in China's pension finance market,
indicating their confidence in the country's long-term economic growth and
enormous business• Экономика » Бизнес opportunities brought about by China's financial opening-up.
According to a statement on the website of Guomin Pension & Insurance• Страхование Co,
Allianz• Страхование » Страховые компании » Страховые компании Германии » Алльянц СЕ
• Объект организация » Организации по алфавиту » Организации на Al » Алльянц СЕ Global Investors plans to spend about 284 million yuan ($39.12
million) to buy a total of 228 million shares of the insurer• Страхование » Страховщик. After the deal,
Allianz• Страхование » Страховые компании » Страховые компании Германии » Алльянц СЕ
• Объект организация » Организации по алфавиту » Организации на Al » Алльянц СЕ Global Investors will have a 2 percent stake in the insurance• Страхование firm.
The deal needs to be approved by the National Financial Regulatory
Administration (NFRA), it said.
Guomin Pension &Insurance• Страхование Co, jointly launched by China's largest banks
and insurers in 2022, said its in-depth cooperation with Allianz• Страхование » Страховые компании » Страховые компании Германии » Алльянц СЕ
• Объект организация » Организации по алфавиту » Организации на Al » Алльянц СЕ Global
Investors will bring an international perspective and professional experience,
helping the company enrich product and service supplies in the third pillar of
China's pension system and better meet the public's demand for pension
security and wealth management.
"Allianz• Страхование » Страховые компании » Страховые компании Германии » Алльянц СЕ
• Объект организация » Организации по алфавиту » Организации на Al » Алльянц СЕ Global Investors is committed to growth in China, we are dedicated to
exploring suitable business• Экономика » Бизнес opportunities and partnerships in this important
market," the company told the Global Times on Monday.
China's pension finance now has been in a strategic opportunity, since the
Central Financial Work Conference held in Beijing in October made pension
finance one of the focuses in the country's development into a financial
powerhouse.
The German financial firm's investment• Экономика » Финансы » Инвестиции in a newly established professional
pension insurance• Страхование firm in China sends a signal that foreign financial
institutions and patient capital continue to increase their investment• Экономика » Финансы » Инвестиции in
China's pension finance sector, and they are showing their confidence in
China's long-term growth potential, Liu Guohong, director of the Department of
Finance and Modern Industries at China Development Institute in Shenzhen, told
the Global Times on Monday.
Zhao Qingming, a Beijing-based veteran financial analyst, told the Global
Times on Monday that China's financial opening-up has made remarkable
achievements in recent years, with the number of foreign-funded firms posting
a fast increase and foreign investment• Экономика » Финансы » Инвестиции in China's financial markets reporting
notable growth.
The sound cooperation and competition have also enhanced Chinese local
financial institutions' capacity in serving the real economy and meeting
consumers' diversified demand, Zhao said.
In 2024, foreign financial institutions have continued to expand their
investment• Экономика » Финансы » Инвестиции in China. HSBC recently said that it completed the acquisition of
Citi's retail wealth management business• Экономика » Бизнес in the Chinese mainland, while a
couple of foreign financial institutions -- Fidelity Investment• Экономика » Финансы » Инвестиции Group and
Alliance Bernstein -- moved to increase the registered capital of their
Chinese subsidiaries.
Over recent years, the country has rolled out more than 50 measures to expand
financial opening-up, including scrapping foreign ownership caps in the
banking and insurance• Страхование sectors, and slashing access thresholds for foreign
investors, according to NFRA.
As of January, 24 foreign Global Systemically Important Banks had established
institutions in China and nearly half of the world's top 40• Средства массовой информации » Средства массовой информации США » Журналы США » Billboard » Top 40 Mainstream insurance• Страхование
companies had entered the Chinese market, data from the NFRA showed.
Opening-up is an important driving force for the reform and development of
China's financial industry, and China sincerely welcomes more foreign
institutions and long-term capital to come to China to do business• Экономика » Бизнес, Li Yunze,
head of the NFRA, said at the annual Lujiazui Forum held in Shanghai last
week.
"We will steadily boost institutional opening-up, relax the scope of foreign
shareholders in non-bank financial institutions in China, and encourage
qualified foreign-funded institutions to participate in business• Экономика » Бизнес pilot
programs in order to support foreign-funded institutions to explore the China
market and conduct stable operations," Li said.
With China's steady economic growth, the country remains a popular destination
for foreign investment• Экономика » Финансы » Инвестиции, especially in technology innovation• Экономика » Бизнес » Инновация, the energy
transition, the pharmaceutical sector and consumer goods, Ginger Cheng, CEO of
DBS China, told the Global Times in a recent interview.
China's GDP growth of 5.3 percent year-on-year in the first quarter
comfortably topped forecasts. Domestic demand has been strengthening, with
consumer spending and investment• Экономика » Финансы » Инвестиции both picking up. This provides an important
driving force for continued economic expansion, Cheng said.
In March, the State Council, the country's cabinet, issued an action plan to
steadily promote high-level opening-up and make greater efforts to attract and
utilize foreign investment• Экономика » Финансы » Инвестиции. It said that efforts will be made to expand the
access of foreign financial institutions in the banking and insurance• Страхование sectors,
and expand the business scope of foreign financial institutions participating
in the domestic bond market.
"China is expected to roll out more financial opening-up measures," Liu said,
noting that the country should continue to boost institutional opening-up and
align its financial rules and governance with international standards to
attract more foreign financial institutions.
The authorities should enhance financial governance capability to match the
opening-up level, Zhao said, noting that efforts are needed to step up
supervision and evaluation of cross-border financial risks and safeguard
national financial stability and safety.
(Web editor: Tian Yi, Zhong Wenxing)
Photos
Explore Hong Kong Science Park, where startups thrive
China's Hanzhong strengthens ecological protection of Hanjiang River's source,
wetlands
Colorful Danxia landform in NW China attracts tourists
Vegetable industry brings wealth to farmers in C China's Henan
