The Association of British Insurers (ABI) has welcomed the forging of a closer working relationship between the governments of China and the UK.
The industry body said it was pleased that the outcomes of last week’s UK-China Economic and Financial Dialogue (EFD) on pensions and insurance contained a number of ABI recommendations.
The proposals made by the ABI include a commitment that the Chinese Insurance Regulatory Commission (CIRC) would consider views from UK firms based in China, particularly regarding the adoption of a more open approach to the exchange of personal data.
According to the ABI, the CIRC has also agreed to the graduated allowance of foreign ownership of life insurance companies conducting business in China.
“We look forward to working even more closely with the Chinese government and wider insurance industry in sharing knowledge and experience in the coming months and years,” ABI director general Huw Evans said.
“Britain has always valued and will continue to value, its strong trade avenues with China, and we believe that the EFD will provide mutually beneficial outcomes for both China and Britain,” he added.
Taking place since 2008, the EFD is an annual meeting between the UK Chancellor and the Chinese Vice-Premier.
It aims to provide a formal setting to present a series of requests to a foreign administration, and to strengthen bilateral economic and financial ties between the two participating countries.
Last week’s EFD covered trade, financial services, infrastructure and energy, with the government detailing a portfolio of potential investments in northern England for Chinese businesses, the Treasury said in a statement.
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