Monetary Policy

Opinions of the CIRC on Supporting Qianhai Development & Opening Up and Deepening Pilot Zone Construction for Shenzhen Insurance Innovative Development

  To carry out the guiding principles of the 3rd Plenary Session of the 18th CPC Central Committee and the country’s strategic deployment regarding Shenzhen-Hong Kong Modern Service Industry Cooperation Zone in Qianhai (hereinafter referred to as Qianhai), China Insurance Regulatory Commission (CIRC) will accelerate pilot zone construction for Shenzhen insurance innovative development, and support early and pilot implementation of finance & insurance policies in Qianhai. Official reply to the matter from the CIRC is as follows:
  1. Act in the spirit reflected in the Memorandum of Understanding signed between CIRC and Shenzhen Municipal People's Government, and broaden areas of bilateral cooperation. Supporting Qianhai development & opening up and deepening Shenzhen-Hongkong collaboration will be an important part of pilot zone construction for the innovative development of Shenzhen insurance services.
  2. Enrich and improve Shenzhen insurance market system by encouraging the establishment of new insurance organizations such as captive insurance companies and mutual insurance companies, and professional organizations of shipping insurance, liability insurance, health insurance and pension insurance. The construction of a reinsurance center in Qianhai will be promoted. All kinds of reinsurance organizations and specialized organizations that provide supporting services for insurance industry development can be established in Qianhai.
  3. Support the integrative development of insurance industry in Shenzhen and Hongkong. Explore patterns and approaches of interconnecting Shenzhen and Hongkong insurance markets in areas such as product, service, capital, and talent. 
  4. Under the framework of Closer Economic Partnership Arrangement (CEPA) between mainland China and Hongkong, admittance thresholds can be properly lowered for Hongkong insurance companies to open offices and conduct business in Qianhai. Eligible Hongkong insurance broker companies are encouraged to establish insurance agencies in Qianhai. Support will be provided to more insurance companies as they utilize Hongkong market to broaden capital refill channels, open offices overseas, and conduct RMB insurance business. 
  5. Support Shenzhen insurance organizations in innovating the use of insurance funds, exploring pilot projects for overseas investment of insurance funds, and further expanding the channels and scope of insurance fund utilization. 
  6. Support innovation in internet insurance business in Qianhai; encourage creativities in the insurance products, marketing, services, and transaction modes that are in line with features of internet finance. 
  7. Support eligible Shenzhen-based insurance organizations in developing short-term export credit business, and provide financing convenience and risk guarantee for the development of the real economy and import & export trade. 
  8. Support Qianhai in exploring insurance supervision innovation. The CIRC and Shenzhen Municipal People’s Government will establish closer supervision linkage and long-term cooperative mechanisms for the research of innovative insurance development.