China Banking and Insurance Regulatory Commission sets priorities for Shanghai’s Lingang New Area including reinsurance opening and support for an international reinsurance centre

China Banking and Insurance Regulatory Commission Party Committee Secretary and Chairman Li Yunze visited Shanghai to assess development in the China (Shanghai) Pilot Free Trade Zone’s Lingang New Area and called on the banking and insurance sectors to step up high-level financial opening in the zone, while supporting Shanghai’s role as an international financial centre. During site visits to the Shanghai Insurance Exchange and the Shanghai International Reinsurance Registration and Trading Center, Li emphasised steadily advancing “institutional” opening in reinsurance, using the Shanghai Insurance Exchange’s role as financial market infrastructure and the build-out of the reinsurance registration and trading center to drive further opening and high-quality development in the insurance sector, including support for Shanghai to become an internationally competitive reinsurance centre. In a separate visit to the Shanghai Financial Regulatory Bureau, he also prioritised tighter implementation of the central eight-point rules on conduct, progress under the “Four New” programme consolidation campaign and efforts to reduce formalism at基层 level, alongside closer alignment with local authorities to implement the Action Plan for Supporting Shanghai International Financial Center Construction and to explore initiatives in technology finance and cross-border finance.