China, who has been on a crash course towards capitalism during the 21st century, has begun to deregulate from joint ventures to private ownership of insurance companies earlier than expected. Britian's Prudential PLC and Canada's Sun Life Financial Inc are two companies who are looking to submit applications to own more of their Chinese insurance ventures. Much doubt has been expressed concerning whether China would truly be conducting regulatory overhaul due to the recent Chinese-U.S. trade war, but instead China is deregulating quicker. Insurance in China is not that lucrative despite an emerging Chinese middle class, as the Chinese public is generally unaware of insurance practices in China.
https://www.reuters.com/article/us-china-insurance/china-moves-closer-to-allowing-foreigners-to-control-insurance-ventures-sources-idUSKCN1NN0UW
Kevin Phelan
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